Real Estate Math

An Oregon home sells for $398,000. The county records show a Real Market Value (RMV) of $398,000 and a Maximum Assessed Value (MAV) of $285,000. The tax rate is $15/$1,000. What is the annual property tax?

A$5,970

B$4,275✓ Correct

C$5,850

D$2,850

Explanation

Oregon taxes are based on the lower of RMV or MAV. Since MAV ($285,000) is lower than RMV ($398,000), the taxable assessed value is $285,000.

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