Real Estate Math
A Connecticut property taxes are $9,720 per year. The assessment ratio is 70% and the market value is $580,000. What is the mill rate?
A23.9 mills
B24.0 mills✓ Correct
C20.40 mills
D16.8 mills
Explanation
Assessed value = $580,000 × 70% = $406,000. Mill rate = Annual tax ÷ Assessed value × 1,000 = $9,720 ÷ $406,000 × 1,000 = 23.
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