Real Estate Math
A Missouri property has a market value of $400,000 and is assessed at 19%. The mill rate is 85 mills. What is the annual property tax?
A$6,460✓ Correct
B$7,220
C$8,500
D$6,840
Explanation
Assessed value = $400,000 × 19% = $76,000. Tax = $76,000 × 85/1000 = $76,000 × 0.
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