Real Estate Math
An Iowa homeowner's property has a market value of $265,000. If the assessment ratio is 100% and the tax rate is 25 mills, what is the annual property tax?
A$5,300
B$6,000
C$6,625✓ Correct
D$7,250
Explanation
Property Tax = Market Value × Assessment Ratio ÷ 1,000 × Mill Rate = $265,000 × 1.00 ÷ 1,000 × 25 = $6,625.
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