Real Estate Math
A Wyoming property is assessed at 9.5% of its market value. The market value is $320,000 and the tax rate is $45 per $1,000 of assessed value. What is the annual property tax?
A$1,368✓ Correct
B$14,400
C$1,540
D$3,040
Explanation
Assessed value = $320,000 × 9.5% = $30,400. Tax = ($30,400 ÷ $1,000) × $45 = 30.4 × $45 = $1,368. To solve this, multiply the relevant values: $320,000 and $45 at 9.5%.. The correct answer is $1,368.. This is a common calculation on the Wyoming real estate exam.
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