Real Estate Math
A Tennessee property tax bill is $4,200. The assessment ratio is 25% and the market value is $560,000. What is the tax rate per $100 of assessed value?
A$3.00✓ Correct
B$3.50
C$2.75
D$4.00
Explanation
Assessed value = $560,000 × 25% = $140,000. Tax rate = $4,200 ÷ ($140,000 ÷ $100) = $4,200 ÷ 1,400 = $3.
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