Real Estate Math
A Michigan home's assessed value is $160,000. The property tax millage rate is 42 mills. What is the annual property tax?
A$3,360
B$6,720✓ Correct
C$4,200
D$1,680
Explanation
In Michigan, property taxes are based on taxable value, not assessed value. However, if assessed = taxable: $160,000 × 42/1,000 = $160,000 × 0.042 = $6,720.
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