Real Estate Math
A Delaware property has an assessed value of $220,000. The county mill rate is 15 mills. What is the annual property tax?
A$3,000
B$3,300✓ Correct
C$2,750
D$4,000
Explanation
Annual tax = Assessed Value × Mill Rate ÷ 1,000 = $220,000 × 15 ÷ 1,000 = $220,000 × 0.015 = $3,300.
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