Real Estate Math
A Fargo property has annual property taxes of $4,800. The assessed value is $240,000. What is the assessment tax rate as a percentage?
A1.5%
B2%✓ Correct
C2.5%
D3%
Explanation
Tax rate = Annual taxes / Assessed value = $4,800 / $240,000 = 0.02 = 2%. Using the values given ($4,800, $240,000), apply the appropriate formula.. The correct answer is 2%.. This is a common calculation on the North Dakota real estate exam.
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