Real Estate Math
A property's assessed value is $180,000 and the tax rate is 15 mills. What is the annual property tax?
A$1,800
B$2,700✓ Correct
C$2,100
D$1,500
Explanation
Annual tax = Assessed Value × Mill Rate ÷ 1,000 = $180,000 × 15 ÷ 1,000 = $2,700. Using the values given ($180,000), apply the appropriate formula.. The correct answer is $2,700.. This is a common calculation on the Kentucky real estate exam.
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