Real Estate Math
A home is assessed at 80% of its $300,000 market value. The mill rate is 25 mills. What is the annual property tax?
A$5,500
B$6,000✓ Correct
C$6,500
D$7,500
Explanation
Assessed value = $300,000 x 80% = $240,000. Tax = $240,000 x (25/1,000) = $240,000 x 0.025 = $6,000.
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