Real Estate Math
A Kansas property is valued at $300,000. The assessment ratio is 11.5% and the mill levy is 115 mills. What is the annual tax?
A$34,500
B$3,967.50✓ Correct
C$3,450
D$39,675
Explanation
Assessed value = $300,000 x 11.5% = $34,500. Annual tax = $34,500 x (115/1000) = $34,500 x 0.115 = $3,967.50.
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