City A has a property tax rate of 50 cents per
$100 valuation with a homestead exemption of 20 percent. You own a vacant lot (where you hope to build a new home one day). The lot is assessed at $20,000. How much property tax do you owe the city on your lot?
a) $80
b) $800
c) $100
d) $1,000
e) $5,000
Answer: A
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