Real Estate Math
A Virginia property is appraised at $425,000. The assessed value is 80% of appraised value. With a tax rate of $1.10 per $100, what are the annual taxes?
A$3,740✓ Correct
B$3,400
C$4,675
D$4,250
Explanation
Assessed value = $425,000 × 80% = $340,000. Taxes = $340,000 ÷ $100 × $1.
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