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Given the following information, compute the effective tax rate for the property in percentage terms. Market value of property: $480,000, Assessed value of property: $450,000,

Given the following information, compute the effective tax rate for the property in percentage terms.

Market value of property: $480,000, Assessed value of property: $450,000, Exemptions: $50,000, Taxes

paid: $7,500.

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