Real Estate Math
A Nevada property has a market value of $350,000. The county assesses it at 35% of market value. The tax rate is $3.20 per $100 of assessed value. What is the annual property tax?
A$3,920✓ Correct
B$11,200
C$3,500
D$4,480
Explanation
Assessed value = $350,000 × 0.35 = $122,500. Annual tax = ($122,500 ÷ $100) × $3.20 = 1,225 × $3.20 = $3,920. Nevada's property tax system uses assessed value (35% of taxable value) as the basis, with rates set per $100 of assessed value. The state has a property tax abatement cap limiting increases to 3% per year for primary residences.
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