Real Estate Math
A Connecticut property's taxes are $8,730/year. The assessment is $291,000 at a ratio of 70%. What is the market value and mill rate?
A$8,730✓ Correct
BMV=$291,000; Mill rate=30
CMV=$415,714; Mill rate=21
DMV=$291,000; Mill rate=21
Explanation
Market value = $291,000 ÷ 0.70 = $415,714. Mill rate = Tax ÷ Assessed value = $8,730 ÷ $291,000 = 0.030 = 30 mills.
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