Real Estate Math
A Delaware property owner's annual property tax bill is $3,900. The assessed value is $216,667. What is the tax rate expressed as mills?
A18 mills✓ Correct
B15 mills
C20 mills
D12 mills
Explanation
Tax Rate = Annual Tax ÷ Assessed Value × 1,000 = $3,900 ÷ $216,667 × 1,000 ≈ 18 mills. Check: $216,667 × 18/1,000 = $216,667 × 0.018 = $3,900. ✓
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