Real Estate Math
A Rhode Island property has an assessed value of $220,000. The tax rate is $14.50 per $1,000 of assessed value. What is the annual property tax?
A$2,900
B$3,190✓ Correct
C$3,480
D$4,350
Explanation
$220,000 / $1,000 = 220 units x $14.50 = $3,190. Using the values given ($220,000, $14.50), apply the appropriate formula.. The correct answer is $3,190.. This is a common calculation on the Rhode Island real estate exam.
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