Real Estate Math
A Mississippi property's annual property tax is $2,160. At a mill rate of 90 mills, the assessed value is:
A$24,000✓ Correct
B$19,440
C$18,000
D$20,000
Explanation
Assessed value = Tax ÷ Mill Rate = $2,160 ÷ 0.090 = $24,000. Using the values given ($2,160), apply the appropriate formula.. The correct answer is $24,000.. This is a common calculation on the Mississippi real estate exam.
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