Real Estate Math
A Florida home is assessed at $320,000. After a $50,000 homestead exemption, the taxable value is $270,000. At 22 mills, what is the annual tax?
A$5,940✓ Correct
B$7,040
C$5,280
D$6,380
Explanation
Property tax = Taxable value × (Mills ÷ 1,000) = $270,000 × (22 ÷ 1,000) = $270,000 × 0.022 = $5,940.
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