Real Estate Math
A New Mexico property has an assessed value of $150,000. The tax rate is 30 mills. What is the annual property tax?
A$3,000
B$4,500✓ Correct
C$4,800
D$5,500
Explanation
$150,000 × 30 / 1,000 = $150,000 × 0.030 = $4,500 annual property tax. Using the values given ($150,000), apply the appropriate formula.. The correct answer is $4,500.. This is a common calculation on the New Mexico real estate exam.
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