Real Estate Math
A New York property has an assessed value of $350,000. The mill rate is 22 mills ($22 per $1,000 of assessed value). What is the annual tax?
A$770
B$7,700✓ Correct
C$22,000
D$77,000
Explanation
Annual tax = Assessed Value x Mill Rate / 1,000 = $350,000 x 22 / 1,000 = $350,000 x 0.022 = $7,700.
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