Real Estate Math
A NJ property owner pays $4,800 in semi-annual property taxes. What is the annual property tax rate per $100 if the assessed value is $320,000?
A$1.50 per $100
B$3.00 per $100✓ Correct
C$2.50 per $100
D$1.80 per $100
Explanation
Annual taxes = $4,800 × 2 = $9,600. Rate = $9,600 ÷ ($320,000 ÷ 100) = $9,600 ÷ 3,200 = $3.00 per $100 of assessed value.
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