Real Estate Math
A property is purchased for $320,000. The annual property tax is $4,800. The home is assessed at 40% of market value. What is the millage rate?
AA. 37.5 mills✓ Correct
BB. 15 mills
CC. 32 mills
DD. 25 mills
Explanation
Assessed value = 40% × $320,000 = $128,000. Millage rate = Tax ÷ Assessed Value × 1,000 = $4,800 ÷ $128,000 × 1,000 = 37.5 mills.
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