Real Estate Math
A Mississippi property is taxed at 80 mills on an assessed value of $8,000 (after homestead exemption applied to a $15,500 assessed value). The annual tax is:
A$640✓ Correct
B$1,240
C$1,600
D$320
Explanation
Tax = $8,000 × (80 ÷ 1,000) = $8,000 × 0.08 = $640.
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