Real Estate Math
Alabama property has an assessed value of $18,000 (at 10% of market value). The tax rate is 50 mills. What is the annual property tax?
A$900✓ Correct
B$1,800
C$9,000
D$450
Explanation
1 mill = $1 per $1,000 of assessed value. Tax = $18,000 × (50/1,000) = $18,000 × 0.05 = $900 per year.
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