Property Valuation
A Connecticut property has a market value of $525,000 and the assessed value is 70% of market value. The mill rate is 32. What are the annual property taxes?
A$9,800
B$11,760✓ Correct
C$13,440
D$16,800
Explanation
Assessed value = $525,000 × 0.70 = $367,500.
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