Real Estate Math
A property's fair market value is $350,000 and Georgia assesses at 40%. The millage rate is 25 mills. What is the annual property tax?
A$2,500
B$3,500✓ Correct
C$4,000
D$5,000
Explanation
Assessed value = $350,000 × 40% = $140,000. Tax = $140,000 × 25 ÷ 1,000 = $3,500.
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