Real Estate Math
A Louisiana property has an assessed value of $120,000 (after the $7,500 homestead exemption). The parish millage rate is 80 mills. What are the annual property taxes?
A$9,600✓ Correct
B$8,400
C$9,000
D$10,200
Explanation
Annual taxes = Assessed value × Mills ÷ 1,000 = $120,000 × 80 ÷ 1,000 = $9,600. Note: The assessed value given ($120,000) already reflects the homestead exemption deduction.
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