Real Estate Math
A Connecticut property has a market value of $680,000. It is assessed at 70% for tax purposes. The mill rate is 30 mills. What is the monthly property tax?
A$1,190✓ Correct
B$1,700
C$1,428
D$980
Explanation
Assessed value = $680,000 × 70% = $476,000. Annual tax = $476,000 × 30/1,000 = $14,280. Monthly tax = $14,280 ÷ 12 = $1,190.
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