Real Estate Math
A property in Idaho is assessed at $285,000 and qualifies for a $100,000 homestead exemption. The mill rate is 12 mills. What are the annual taxes?
A$2,220✓ Correct
B$2,420
C$2,620
D$2,820
Explanation
Taxable value = $285,000 - $100,000 = $185,000. Annual taxes = $185,000 x 12 / 1,000 = $185,000 x 0.
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