Real Estate Math
A Missouri home's assessed value is $53,200. The mill rate is 7.8. Annual taxes are:
A$414.96✓ Correct
B$4,149.60
C$41,496
D$6,785.60
Explanation
Annual taxes = $53,200 x 7.8 / 1,000 = $414.96. Using the values given ($53,200), apply the appropriate formula.. The correct answer is $414.96.. This is a common calculation on the Missouri real estate exam.
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