Real Estate Math
A property's annual property taxes are $6,000 on an assessed value of $150,000. What is the effective tax rate (mill rate in decimals)?
A0.04 (40 mills)✓ Correct
B0.03 (30 mills)
C0.05 (50 mills)
D0.025 (25 mills)
Explanation
Tax rate = $6,000 ÷ $150,000 = 0.04 = 4% = 40 mills.
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