Real Estate Math
A Massachusetts property's tax bill is $6,840 annually. The mill rate is 18 mills. What is the assessed value?
A$380,000✓ Correct
B$360,000
C$342,000
D$400,000
Explanation
Mill rate of 18 mills = $18 per $1,000 of assessed value. Assessed value = Annual tax / (mill rate / 1,000) = $6,840 / 0.
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