Real Estate Math
A Louisiana homeowner's property has a fair market value of $225,000. The assessment ratio is 10% and the millage rate is 95 mills. The homeowner qualifies for the $7,500 homestead exemption. What are the annual property taxes?
A$22,500.00✓ Correct
B$2,137.50
C$2,066.25
D$1,852.50
Explanation
Assessed value: $225,000 × 10% = $22,500. After homestead exemption: $22,500 − $7,500 = $15,000.
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