Real Estate Math
An Iowa home is assessed at 100% of market value at $240,000. The local mill rate is 32 mills. What are the annual property taxes?
A$6,400
B$7,200
C$7,680✓ Correct
D$8,400
Explanation
Property tax = Assessed value × Mill rate ÷ 1,000 = $240,000 × 32 ÷ 1,000 = $7,680. To solve this, multiply the relevant values: $240,000 at 100%..
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