Real Estate Math
Property taxes on a home assessed at $180,000 are $3,600 per year. What is the tax rate expressed as a mill rate?
A15 mills
B20 mills✓ Correct
C25 mills
D30 mills
Explanation
Mill rate = (Annual Taxes ÷ Assessed Value) × 1,000 = ($3,600 ÷ $180,000) × 1,000 = 0.02 × 1,000 = 20 mills.
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