Real Estate Math
A property is assessed at $280,000. The tax rate is $3.20 per $100 of assessed value. What is the annual tax bill?
A$7,560
B$8,000
C$8,960✓ Correct
D$9,600
Explanation
Tax = ($280,000 ÷ 100) × $3.20 = 2,800 × $3.20 = $8,960. Using the values given ($280,000, $3.20), apply the appropriate formula.. The correct answer is $8,960.. This is a common calculation on the New Jersey real estate exam.
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