Real Estate Math
A property in Wichita has an assessed value of $25,300 (residential at 11.5% of market value) and a mill levy of 120 mills. What are the annual property taxes?
A$2,530
B$3,036✓ Correct
C$3,500
D$4,560
Explanation
Property tax = Assessed Value × Mill Rate = $25,300 × (120/1000) = $25,300 × 0.12 = $3,036.
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