Real Estate Math
A Maine property has an annual property tax of $6,600. If the assessed value is $330,000, the mill rate is:
A15 mills
B20 mills✓ Correct
C22 mills
D25 mills
Explanation
Mill rate = Tax ÷ Assessed Value × 1,000 = $6,600 ÷ $330,000 × 1,000 = 20 mills. Using the values given ($6,600, $330,000,), apply the appropriate formula.. The correct answer is 20 mills.. This is a common calculation on the Maine real estate exam.
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