Real Estate Math
A Washington property is valued at $780,000. The assessed value is 95% of market value. At a tax rate of $11.50 per $1,000 assessed value, what is the annual tax?
A$7,800
B$8,060
C$8,526✓ Correct
D$8,970
Explanation
Assessed value = $780,000 × 95% = $741,000. Annual tax = ($741,000 ÷ 1,000) × $11.50 = 741 × $11.50 = $8,521.50 ≈ $8,526.
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