Real Estate Math
A Virginia property is assessed at 80% of its market value of $500,000. The tax rate is $1.10 per $100 of assessed value. What are the annual property taxes?
A$4,400✓ Correct
B$5,500
C$5,000
D$3,960
Explanation
Assessed value = $500,000 × 80% = $400,000. Tax = $400,000 ÷ $100 × $1.10 = $4,000 × $1.10 = $4,400.
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