Real Estate Math
A New Mexico property is assessed at $120,000. The tax rate is 25 mills. What is the annual property tax?
A$2,500
B$3,000✓ Correct
C$1,500
D$2,000
Explanation
Property tax = Assessed Value x Mill Rate / 1,000 = $120,000 x 25 / 1,000 = $3,000. Using the values given ($120,000), apply the appropriate formula..
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