Real Estate Math
A property is assessed at 11.5% of its $320,000 market value. The tax rate is 120 mills. What are the annual property taxes?
A$3,456
B$4,416✓ Correct
C$38,400
D$44,160
Explanation
Assessed value = $320,000 × 0.115 = $36,800. Mill rate conversion: 120 mills = $0.120 per dollar. Annual tax = $36,800 × 0.120 = $4,416.
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