Real Estate Math
A Tennessee property has a tax-assessed value of $180,000 and the local tax rate is $3.20 per $100 of assessed value. What is the annual property tax?
A$5,760✓ Correct
B$3,200
C$5,400
D$4,800
Explanation
Annual tax = ($180,000 ÷ $100) × $3.20 = 1,800 × $3.20 = $5,760. Using the values given ($180,000, $3.20), apply the appropriate formula.. The correct answer is $5,760.. This is a common calculation on the Tennessee real estate exam.
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