Real Estate Math
A Montana property has an assessed value of $220,000. The state applies a 100% assessment ratio. If the mill levy is 150 mills, what is the annual property tax?
A$3,300
B$22,000
C$33,000✓ Correct
D$1,467
Explanation
Property tax = Assessed Value x (Mill Levy / 1,000) = $220,000 x (150/1,000) = $220,000 x 0.15 = $33,000.
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