Finance
A Louisiana property has a fair market value of $200,000. At a 10% assessment ratio and a millage rate of 80 mills, what is the annual property tax?
A$1,200
B$1,600✓ Correct
C$2,000
D$2,400
Explanation
Assessed value = $200,000 × 10% = $20,000. Tax = $20,000 × 80/1,000 = $1,600 per year.
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