Real Estate Math
A Maine property's assessed value is $180,000. The tax rate is 20 mills. What is the annual property tax?
A$3,600✓ Correct
B$360
C$1,800
D$36,000
Explanation
Property tax = $180,000 x 20 / 1,000 = $3,600. Using the values given ($180,000), 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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