Real Estate Math
A Rhode Island property has an annual property tax of $6,000 and was assessed at $300,000. What is the tax rate per $1,000 of assessed value?
A$18.00
B$20.00✓ Correct
C$22.00
D$24.00
Explanation
Tax rate = Annual Tax / (Assessed Value / $1,000) = $6,000 / ($300,000 / $1,000) = $6,000 / 300 = $20.00 per $1,000.
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