Real Estate Math
A New York property has a market value of $600,000. The assessed value is 40% of market value. The tax rate is $25 per $1,000 of assessed value. What is the annual property tax?
A$6,000✓ Correct
B$15,000
C$25,000
D$60,000
Explanation
Assessed value = $600,000 x 0.40 = $240,000. Annual tax = ($240,000 divided by $1,000) x $25 = 240 x $25 = $6,000.
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