Real Estate Math
A Rhode Island property is valued at $450,000. The assessment ratio is 75%. The tax rate is $22 per $1,000. What is the annual property tax?
A$6,750
B$7,425✓ Correct
C$8,250
D$9,900
Explanation
Assessed value: $450,000 x 0.75 = $337,500.
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