Real Estate Math
An Oklahoma homeowner's property has a current market value of $315,000. The county assessed it at 11% of market value. After applying the $1,000 homestead exemption, what is the net taxable assessed value?
A$34,650
B$33,650✓ Correct
C$315,000
D$34,000
Explanation
Assessed value = $315,000 × 11% = $34,650. Net taxable assessed value = $34,650 − $1,000 (homestead exemption) = $33,650.
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