Property Valuation
A Connecticut property's assessed value is $280,000 (at 70% of market value). The mill rate is 32 mills. What is the annual property tax?
A$8,960✓ Correct
B$12,800
C$6,272
D$9,600
Explanation
Annual tax = assessed value × mill rate / 1,000 = $280,000 × 32 / 1,000 = $280,000 × 0.032 = $8,960.
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