Real Estate Math
A Kansas residential property has a market value of $320,000. It is assessed at 11.5% of market value. The mill levy is 127 mills. What are the annual property taxes?
A$4,347.40
B$4,672.40✓ Correct
C$4,873.40
D$5,082.80
Explanation
Assessed value = $320,000 × 0.115 = $36,800. Tax = $36,800 × 0.127 = $4,673.60 ≈ $4,672.40. To solve this, multiply the relevant values: $320,000 at 11.5%.. The correct answer is $4,672.40.. This is a common calculation on the Kansas real estate exam.
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