Real Estate Math
A Maine property's mill rate is 22 and the assessed value is $275,000. There is a $20,000 homestead exemption and a $10,000 veteran's exemption. The annual tax is:
A$4,510
B$5,060
C$5,390✓ Correct
D$6,050
Explanation
Taxable value = $275,000 − $20,000 − $10,000 = $245,000. Tax = $245,000 × 22 ÷ 1,000 = $5,390.
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