Real Estate Math
A West Virginia property has a market value of $225,000. The assessment ratio is 60% and the tax rate is $12 per $1,000 of assessed value. What is the annual property tax?
A$1,350
B$1,620✓ Correct
C$2,700
D$3,240
Explanation
Assessed value = $225,000 × 60% = $135,000. Tax = ($135,000 ÷ $1,000) × $12 = 135 × $12 = $1,620.
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