Real Estate Math
A Florida property is assessed at 85% of its $400,000 market value. With a homestead exemption of $50,000 and a millage rate of 22 mills, what is the annual property tax?
A$7,370
B$6,380✓ Correct
C$6,160
D$8,800
Explanation
Assessed Value = $400,000 × 85% = $340,000. Taxable Value = $340,000 − $50,000 = $290,000.
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