A property in Alberta has an assessed value of $450,000 and the municipal tax rate is 0.7%. What is the annual property tax?
Correct Answer
A) $3,150
Property tax is calculated by multiplying the assessed value by the tax rate. $450,000 × 0.007 (0.7%) = $3,150. This represents the annual municipal property tax that would be payable on this property.
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