Real Estate Math
A Staten Island property is assessed at 60% of its market value of $500,000. If the tax rate is $14 per $1,000 of assessed value, what is the annual tax?
A$3,000
B$4,200✓ Correct
C$7,000
D$5,600
Explanation
Assessed Value = $500,000 × 60% = $300,000. Annual Tax = $300,000 × ($14/$1,000) = $300,000 × 0.
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