Real Estate Math
A property has an assessed value of $120,000. The tax rate is 50 mills. What are the annual taxes?
A$5,000
B$6,000✓ Correct
C$7,000
D$8,000
Explanation
1 mill = $1 per $1,000 of assessed value. Taxes = $120,000 × (50 ÷ 1,000) = $120,000 × 0.
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