Real Estate Math
A property has an assessed value of $80,000 and a mill rate of 30 mills. What is the annual property tax?
A$2,400✓ Correct
B$2,700
C$3,000
D$3,200
Explanation
Property tax = Assessed Value × Mill Rate ÷ 1,000 = $80,000 × 30 ÷ 1,000 = $2,400. Using the values given ($80,000), apply the appropriate formula.. The correct answer is $2,400.. This is a common calculation on the Georgia real estate exam.
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