Real Estate Math
A property has a market value of $490,000. Utah assesses at 55%. The tax rate is 0.009. What are the annual property taxes?
A$2,425
B$2,425.50✓ Correct
C$4,410
D$2,722.50
Explanation
Assessed value = $490,000 × 55% = $269,500. Annual taxes = $269,500 × 0.009 = $2,425.50. To solve this, multiply the relevant values: $490,000 at 55%.. The correct answer is $2,425.50.. This is a common calculation on the Utah real estate exam.
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