Real Estate Math
A Virginia home is assessed at 90% of its market value. The market value is $450,000 and the tax rate is $1.10 per $100 of assessed value. What is the annual tax bill?
A$4,455✓ Correct
B$4,750
C$4,950
D$5,500
Explanation
Assessed Value = $450,000 × 90% = $405,000. Tax = ($405,000 ÷ 100) × $1.10 = 4,050 × $1.10 = $4,455.
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