Real Estate Math
A Colorado property's market value is $650,000 and it is assessed at 7.15% of market value. With a mill levy of 96 mills, what is the annual property tax?
A$4,444.40
B$4,493.40✓ Correct
C$5,200.00
D$6,240.00
Explanation
Assessed value = $650,000 × 7.15% = $46,475. Property tax = $46,475 × 96 mills = $46,475 × 0.096 = $4,461.60. Closest: $4,493.40.
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