Real Estate Math
A property in Virginia has an assessed value of $320,000. The local tax rate is $0.95 per $100 of assessed value. What is the annual property tax?
A$2,560
B$3,040✓ Correct
C$3,200
D$3,800
Explanation
Annual Tax = (Assessed Value ÷ $100) × Tax Rate = (320,000 ÷ 100) × $0.95 = 3,200 × $0.95 = $3,040. Using the values given ($320,000, $0.95), apply the appropriate formula.. The correct answer is $3,040.. This is a common calculation on the Virginia real estate exam.
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