Real Estate Math
A property was assessed at $240,000 and the mill rate is 15 mills. The property tax is:
A$2,400
B$3,600✓ Correct
C$4,200
D$1,600
Explanation
1 mill = $1 per $1,000 of assessed value. 15 mills = $15 per $1,000. Tax = $240,000 × ($15/$1,000) = $240,000 × 0.015 = $3,600.
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