Real Estate Math
A NH property's tax bill is $7,200/year. The assessment is 100% of market value. The mill rate is 16 mills. What is the assessed (market) value?
A$450,000✓ Correct
B$440,000
C$460,000
D$432,000
Explanation
Value = Tax / Mill Rate × 1,000 = $7,200 / 16 × 1,000 = $7,200 / 0.016 = $450,000.
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