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Scenario 1) (25 points You know from state law that the legal tax rate on your property 24and the city's assessed value of your property

Scenario 1) (25 points You know from state law that the legal tax rate on your property 24and the city's assessed value of your property is $110,000. However, your property is currently on the market for only $70.500 due to a significant downturn in the housing market. What is your Effective Tax Rate

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