Real Estate Math
What is the annual property tax rate (mill rate) if 1 mill equals $1 of tax per $1,000 of assessed value, and a Delaware property assessed at $200,000 pays $4,800 in annual tax?
A18 mills
B24 mills✓ Correct
C20 mills
D30 mills
Explanation
Mill rate = (Annual Tax ÷ Assessed Value) × 1,000 = ($4,800 ÷ $200,000) × 1,000 = 24 mills. Using the values given ($1, $1,000), apply the appropriate formula.. The correct answer is 24 mills.. This is a common calculation on the Delaware real estate exam.
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