Real Estate Math
A property's assessed value is $80,000. The homestead exemption reduces assessed value by $75,000. At 95 mills, what are the annual taxes?
A$475✓ Correct
B$570
C$665
D$760
Explanation
Taxable assessed value = $80,000 − $75,000 = $5,000. Taxes = $5,000 × 95 ÷ 1,000 = $475. Using the values given ($80,000, $75,000), apply the appropriate formula.. The correct answer is $475.. This is a common calculation on the Louisiana real estate exam.
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