Real Estate Math
A property is assessed at 80% of its $350,000 market value. The tax rate is $1.20 per $100 of assessed value. What are the annual taxes?
A$3,200
B$3,360✓ Correct
C$3,600
D$4,200
Explanation
Assessed value = $350,000 x 80% = $280,000. Taxes = ($280,000 / $100) x $1.
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