Real Estate Math
A Vermont property owner pays $3,200 in annual property taxes. If the tax rate is $1.60 per $100 of assessed value, what is the assessed value?
A$180,000
B$200,000✓ Correct
C$220,000
D$240,000
Explanation
Assessed Value = (Annual Tax / Tax Rate per $100) x $100 = ($3,200 / 1.60) x $100 = 2,000 x $100 = $200,000.
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