GRE Section 2 Quantitative Exam QuestionsBrowse all questions from this exam

GRE Section 2 Quantitative Exam - Question 37


John pays $650 in property tax. What is the assessed value of his property if property taxes are 1.2% of assessed value?

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Correct Answer:

To find the assessed value of John's property, we need to use the property tax rate and the amount he paid. The formula to find the assessed value (AV) is AV = Property Tax / Tax Rate. Here, the property tax paid is $650 and the tax rate is 1.2% (or 0.012 in decimal form). Thus, the assessed value is AV = 650 / 0.012, which equals $54,166.67.

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MHALLAQOption: D
Feb 29, 2024

The answer is option D