Real Estate Math
A Georgia property is assessed at $160,000 with a mill rate of 35 mills. What are the annual property taxes?
A$4,480
B$5,600✓ Correct
C$5,040
D$6,300
Explanation
Property taxes = Assessed Value × Mill Rate = $160,000 × 0.035 = $5,600. Using the values given ($160,000), apply the appropriate formula.. The correct answer is $5,600.. This is a common calculation on the Georgia real estate exam.
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