Real Estate Math
A property's assessed value is 85% of market value. If the tax rate is $2.50 per $100 of assessed value and the market value is $320,000, what is the annual property tax?
A$6,400
B$6,800✓ Correct
C$7,200
D$8,000
Explanation
Assessed value = $320,000 × 0.85 = $272,000.
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