Real Estate Math
A West Virginia property has an assessed value of $150,000 and a tax rate of $12.50 per $1,000 of assessed value. What is the annual property tax?
A$1,250
B$1,875✓ Correct
C$2,500
D$3,000
Explanation
Annual tax = (Assessed value ÷ 1,000) × Tax rate = (150,000 ÷ 1,000) × $12.50 = 150 × $12.50 = $1,875.
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