Real Estate Math
A Connecticut commercial property's annual tax bill is $16,380. The assessed value is $546,000 (at 70% of market). What is the mill rate?
A28.0 mills
B30.0 mills✓ Correct
C23.3 mills
D26.5 mills
Explanation
Mill rate = Annual tax ÷ Assessed value × 1,000 = $16,380 ÷ $546,000 × 1,000 = 30.0 mills.
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