Real Estate Math
A Louisiana homeowner's property is appraised at $285,000. The assessment ratio is 10% and the millage rate is 88 mills. After the $7,500 homestead exemption, what is the annual tax?
A$1,848✓ Correct
B$2,508
C$1,650
D$2,200
Explanation
Assessed value = $285,000 × 10% = $28,500. After exemption = $28,500 − $7,500 = $21,000. Tax = $21,000 × 88/1,000 = $21,000 × 0.088 = $1,848.
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