Real Estate Math
A property valued at $750,000 has an assessed value of 55% for Utah property tax purposes. At a tax rate of 0.0078, what are the annual taxes?
A$3,217.50✓ Correct
B$4,800
C$5,850
D$2,734.88
Explanation
Assessed value = $750,000 × 55% = $412,500. Annual taxes = $412,500 × 0.0078 = $3,217.50. To solve this, multiply the relevant values: $750,000 at 55%.. The correct answer is $3,217.50.. This is a common calculation on the Utah real estate exam.
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