A property is assessed at $250,000 , and the local tax rate is 1.5% What is the annual property tax?
Answer
A
4 dollars comma 250
B
3 dollars comma 500
C
4 dollars comma 000
D
3 dollars comma 750
Explanation
Convert 1.5% to a decimal: 0.015. Multiply the assessed value by the tax rate: $250,000 × 0.015 = $3,750, so the annual property tax is 3 dollars comma 750.
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