Real Estate Math
An Iowa property owner receives a tax bill for $5,460. The mill rate is 28. What is the assessed value?
A$185,000
B$195,000✓ Correct
C$200,000
D$210,000
Explanation
Assessed value = Tax ÷ (Mill rate ÷ 1,000) = $5,460 ÷ 0.028 = $195,000.
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