Real Estate Math
A NJ property has a market value of $550,000 and an assessment ratio of 75%. At a tax rate of $3.20 per $100, what are the annual property taxes?
A$13,200✓ Correct
B$10,560
C$17,600
D$8,800
Explanation
Assessed value = $550,000 × 0.75 = $412,500.
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