Real Estate Math
A Tennessee property has an appraised value of $200,000. The residential assessment ratio is 25%. The tax rate is $3.20 per $100 of assessed value. What are the annual taxes?
A$1,600✓ Correct
B$6,400
C$1,200
D$3,200
Explanation
Assessed value = $200,000 × 25% = $50,000. Annual tax = ($50,000 ÷ $100) × $3.20 = 500 × $3.20 = $1,600.
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