In Township K each property is taxed at 12 percent of its assessed value. If the assessed value of a property in Township K is increased from $20,000 to $24,000, by how much will the property tax increase?	Choose the correct choice from the following choices:
A) $32 B) $50 C) $320 D) $400 E) $480
Increase in house value = $24,000 - $20,000 =$4000   So, tax increase = 12% of$4000=$480   Answer: $480
<result>E</result>
In Township K each property is taxed at 12 percent of its assessed value. If the assessed value of a property in Township K is increased from $20,000 to $24,000, by how much will the property tax increase?