Real Estate Math
A Florida property with a market value of $500,000 is assessed at 95%. The millage rate is 15 mills. What is the annual property tax before any exemptions?
A$7,125✓ Correct
B$7,500
C$6,750
D$5,000
Explanation
Assessed value = $500,000 × 95% = $475,000. Tax = $475,000 × (15 ÷ 1,000) = $475,000 × 0.015 = $7,125.
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