Real Estate Math
A Colorado property has an annual property tax of $4,800. If the assessment ratio is 7.15% and the mill levy is 80 mills, what is the actual (market) value of the property?
AA. $838,356✓ Correct
BB. $785,714
CC. $795,454
DD. $839,161
Explanation
Tax = Assessed Value × Mill Rate. $4,800 = Assessed Value × 0.
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