Real Estate Math
A property is assessed at $55,000 with a mill rate of 92 mills. What are the annual property taxes?
A$4,600
B$5,060✓ Correct
C$5,520
D$6,050
Explanation
Annual taxes = $55,000 × 92 ÷ 1,000 = $5,060. Using the values given ($55,000), apply the appropriate formula.. The correct answer is $5,060.. This is a common calculation on the Louisiana real estate exam.
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