Real Estate Math
A Colorado property's market value is $460,000. The county assesses it at 6.95% of market value. If the mill levy is 72 mills, what is the annual property tax?
AA. $2,298✓ Correct
BB. $2,301
CC. $2,296
DD. $2,300
Explanation
Assessed Value = $460,000 × 0.0695 = $31,970. Annual Tax = $31,970 × 72/1,000 = $31,970 × 0.072 = $2,301.84. Closest: $2,298 is A, but $2,302 is closest to calculated.072 = $2,301.84. Closest is B ($2,301). Correct: 1.
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