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Optics for black rifles is "the thing" these days. Some of the other posters here have provided some good options, so I'll avoid regurgitating the info that they've already given you. What I will say is this:

IF you want a top-tier optic for that budget, you'll be able to get a modest offering from one of the first-rate non-magnified optic manufacturers. What I mean by that is that you can pick up a "red dot" type sight from Aimpoint, Eotech, or Trijicon inside that budget if you shop around and buy a "plain-jane" model. Inside 100 yards, that plain-jane will be the proverbial bee's knees - and out to 200 yards, it'll do everything that you really need it to.

If you want some magnification, I'd suggest a Bushnell Elite, Nikon, Leupold, or Millet 1X to 4X. By the way, the prices on the Leupolds that The Annoyed Man posted links to are a GREAT deal. I would normally expect to pay +/-$800 for a 1-4X of that sort of quality (I paid $700 for the Kahles 1-4X that I have on my M14, and while the glass in the Kahles MAY be a little bit better, it doesn't have all of the whizzy-bangy stuff that the leupolds do).

The other thing that I'll throw out there is don't cheap out on rings. The best AR-15 scope mount that I've ever used is from LaRue Tactical. It was well over $100...and worth every penny. It is without a doubt the most thoughtfully engineered and bombproof optics mount I have ever seen.

And by the way....you will indeed get what you pay for with optics. I have three rifles that cost less than the glass that they wear. Would you like to hazard a guess as to which three rifles I enjoy shooting the most?