Real Estate Math
A Morgantown, WV property is assessed at 60% of its $250,000 market value. The property tax rate is $12 per $1,000 of assessed value. The annual property tax is:
A$1,800✓ Correct
B$3,000
C$1,200
D$2,400
Explanation
Assessed value = $250,000 x 0.60 = $150,000. Annual tax = ($150,000 / $1,000) x $12 = 150 x $12 = $1,800.
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