Real Estate Math
A New Mexico property's assessed value is $95,000. The tax rate is 27 mills. The homeowner receives a $2,000 exemption. What is the actual tax due?
A$2,484
B$2,511✓ Correct
C$2,565
D$2,180
Explanation
Taxable assessed value = $95,000 - $2,000 = $93,000. Tax = $93,000 × 27/1,000 = $93,000 × 0.027 = $2,511.027 = $2,511. Closest listed is $2,430.027 = $2,511.027. The question may intend: ($95,000 - $2,000) × 0.027 = $2,511.
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