Real Estate Math
A Maine property has a fair market value of $450,000 and is assessed at 95% of market value. With a mill rate of 13.5, the annual property tax is:
A$5,768✓ Correct
B$5,911
C$6,075
D$6,480
Explanation
Assessed value = $450,000 × 95% = $427,500. Tax = $427,500 × 13.
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