Real Estate Math
A Michigan property's assessed value (SEV) is $120,000. The annual millage rate is 40 mills. What is the annual property tax?
A$2,400
B$4,800✓ Correct
C$1,200
D$3,600
Explanation
Property tax = Taxable value x millage rate. Assuming taxable value equals SEV: $120,000 x (40/1000) = $120,000 x 0.04 = $4,800.
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