Real Estate Math
A Connecticut property has a market value of $520,000. It is assessed at 70% of market value. The mill rate is 28 mills. What is the annual property tax?
A$10,192✓ Correct
B$14,560
C$9,800
D$10,000
Explanation
Assessed value = $520,000 × 70% = $364,000. Annual tax = $364,000 × 28/1,000 = $364,000 × 0.
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