Real Estate Math
A property has a market value of $380,000. The county assesses it at 55% of market value and applies a tax rate of $12 per $1,000 of assessed value. What are the annual property taxes?
A$2,508✓ Correct
B$2,640
C$2,772
D$4,560
Explanation
Assessed value = $380,000 x 0.55 = $209,000. Annual taxes = ($209,000 / $1,000) x $12 = 209 x $12 = $2,508.
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