Real Estate Math
A Missouri property's assessed value is $76,000 (residential at 19% of market value). The mill rate is 9.5 mills. Annual property taxes are:
A$722.00✓ Correct
B$7,220.00
C$14,440
D$380.00
Explanation
Annual taxes = Assessed Value x Mill Rate / 1,000 = $76,000 x 9.5 / 1,000 = $722.
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