Real Estate Math
A Nevada home is assessed at 35% of its market value of $400,000. If the tax rate is $3 per $100 of assessed value, what is the annual property tax?
A$4,200✓ Correct
B$12,000
C$5,600
D$3,500
Explanation
Assessed value = 35% x $400,000 = $140,000. Tax = ($140,000 / $100) x $3 = 1,400 x $3 = $4,200.
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