Real Estate Math
A Maine buyer pays $485,000 for a home. The homestead exemption is $20,000 and the mill rate is 14. After one year, annual property taxes are:
A$6,370
B$6,510✓ Correct
C$6,650
D$6,790
Explanation
Assuming assessed at purchase price: Taxable = $485,000 − $20,000 = $465,000. Tax = $465,000 × 14 ÷ 1,000 = $6,510.
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