Real Estate Math
A Florida property has an assessed value of $220,000. The homestead exemption reduces it by $50,000. With a millage rate of 20 mills, what is the annual property tax?
A$3,400✓ Correct
B$4,400
C$2,800
D$4,000
Explanation
Taxable value = $220,000 − $50,000 = $170,000. Tax = $170,000 × (20 ÷ 1,000) = $170,000 × 0.02 = $3,400.
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