Real Estate Math

A Florida property has a market value of $350,000. The county assesses properties at 85% of market value. The millage rate is 18.5 mills. What is the annual property tax?

A$4,901.25

B$5,503.75✓ Correct

C$5,197.50

D$6,475.00

Explanation

Assessed value = $350,000 × 85% = $297,500. Tax = $297,500 × 18.5 mills = $297,500 × 0.0185 = $5,503.75.

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