Real Estate Math
A New Mexico property has an assessed value of $78,000, which represents 1/3 of market value. The tax rate is 30 mills. What is the annual property tax?
A$2,340✓ Correct
B$2,600
C$7,020
D$1,560
Explanation
Annual tax = Assessed Value x Mill Rate / 1,000 = $78,000 x 30 / 1,000 = $78,000 x 0.030 = $2,340.
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