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A property has a market value of $500,000. The taxing authority taxes 80% of the value and the property has a homestead exemption of $50,000.

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A property has a market value of $500,000. The taxing authority taxes 80% of the value and the property has a homestead exemption of $50,000. The county, town and board of education have tax rates of 5.8, 6.9 and 2.3, respectively. What are the taxes for the property? $5,250 $5.750 $5.500 $5,000

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