Property Valuation
A property in Louisiana is appraised at $340,000. It is assessed at 10% of appraised value. The millage rate is 90 mills. What are the annual property taxes?
A$3,060✓ Correct
B$3,400
C$4,250
D$5,100
Explanation
Assessed value = $340,000 × 0.10 = $34,000. Annual taxes = $34,000 × 90 ÷ 1,000 = $3,060. To solve this, multiply the relevant values: $340,000 at 10%.. The correct answer is $3,060.. This is a common calculation on the Louisiana real estate exam.
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