Real Estate Math
A Connecticut property has an assessed value of $240,000 and the tax rate is 28.5 mills. What is the annual property tax?
A$5,040
B$6,840✓ Correct
C$7,200
D$8,550
Explanation
Property tax = Assessed value × Mill rate. $240,000 × 28.5 mills = $240,000 × 0.0285 = $6,840. Using the values given ($240,000), apply the appropriate formula.. The correct answer is $6,840.. This is a common calculation on the Connecticut real estate exam.
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