Real Estate MathMixed_practiceMEDIUM
A property's market value is $400,000. The assessment ratio is 80 percent. The tax rate is $3.50 per $100 of assessed value. What is the annual property tax?
Correct Answer
A) $11,200
Assessed value = $400,000 × 80% = $320,000. Tax = ($320,000 / $100) × $3.50 = 3,200 × $3.50 = $11,200.
Answer Options
A
$11,200B
$1,120C
$14,000D
$3,200Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Real Estate Math Question
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Background Knowledge for Real Estate Math
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Real World Application in Real Estate Math
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Related Topics & Key Terms
Key Terms:
property_taxassessment_ratiotax_ratecalculationreal_estate_math
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