Real Estate Math
A Utah property owner pays annual property taxes of $3,500 on a home with a market value of $450,000. What effective tax rate is being applied to the full market value?
A0.78%✓ Correct
B1.27%
C0.55%
D1.00%
Explanation
Effective rate = $3,500 ÷ $450,000 = 0.00778 ≈ 0.78%. Using the values given ($3,500, $450,000), apply the appropriate formula.. The correct answer is 0.78%.. This is a common calculation on the Utah real estate exam.
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