Real Estate Math
A Maine property's assessed value is $240,000 and the mill rate is 18. The annual property tax is:
A$2,400
B$3,240
C$4,320✓ Correct
D$4,800
Explanation
Property tax = Assessed Value × Mill Rate ÷ 1,000 = $240,000 × 18 ÷ 1,000 = $4,320. Using the values given ($240,000), apply the appropriate formula..
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