Real Estate Math
A Maine property has an assessed value of $240,000 and a mill rate of 15 mills. What is the annual property tax?
A$3,600✓ Correct
B$2,400
C$36,000
D$1,600
Explanation
Property tax = Assessed value x Mill rate / 1,000 = $240,000 x 15 / 1,000 = $3,600. Using the values given ($240,000), apply the appropriate formula.. The correct answer is $3,600.. This is a common calculation on the Maine real estate exam.
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