Real Estate Math
A Washington buyer pays $522,500 for a home. The county assesses the property at 90% of purchase price for tax purposes. The millage rate is 12 mills. What is the annual property tax?
A$5,225
B$5,642✓ Correct
C$6,270
D$7,000
Explanation
Assessed value = $522,500 × 90% = $470,250. Tax = $470,250 × 12/1,000 = $470,250 × 0.
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