Real Estate Math
A Mississippi property has an assessed value of $95,000 and a mill rate of 85 mills. The annual property tax is:
A$8,075✓ Correct
B$9,500
C$7,225
D$8,550
Explanation
Property tax = Assessed Value × Mill Rate ÷ 1,000 = $95,000 × 85 ÷ 1,000 = $95,000 × 0.085 = $8,075.
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