Real Estate Math
A Colorado homeowner's property was assessed at $42,000 with a mill levy of 78.5 mills. What is the annual property tax owed?
A$3,297✓ Correct
B$3,564
C$3,822
D$4,200
Explanation
Property tax = Assessed value × Mill levy = $42,000 × 78.5 mills = $42,000 × 0.0785 = $3,297. Using the values given ($42,000), apply the appropriate formula.. The correct answer is $3,297.. This is a common calculation on the Colorado real estate exam.
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