Real Estate Math
A property is appraised at $340,000. The tax rate is 15 mills (15 per $1,000 of assessed value). If assessed at 100%, the annual tax is:
A$3,400
B$5,100✓ Correct
C$6,800
D$15,000
Explanation
Tax = ($340,000 ÷ $1,000) × 15 = 340 × $15 = $5,100. To solve this, multiply the relevant values: $340,000 and $1,000 at 100%..
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