Real Estate Math
A home appraised at $425,000. The county assessment ratio is 25%. If the tax rate is $2.80 per $100, what is the annual tax bill?
A$2,975✓ Correct
B$11,900
C$2,529
D$3,500
Explanation
Assessed value = $425,000 × 25% = $106,250. Tax = ($106,250 ÷ $100) × $2.
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