Real Estate Math
A Louisiana home is assessed at 10% of its $180,000 market value. The millage rate is 85 mills. After the $7,500 homestead exemption, what is the annual property tax?
A$1,147.50
B$1,530
C$892.50✓ Correct
D$1,275
Explanation
Assessed value = $180,000 × 10% = $18,000. After homestead exemption: $18,000 − $7,500 = $10,500 taxable.
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