Real Estate Math
A property's market value is $480,000. The assessed value is 60% of market value. The mill rate is 22 mills. What is the annual property tax?
A$5,500
B$6,336✓ Correct
C$6,500
D$7,020
Explanation
Assessed value = $480,000 x 60% = $288,000. Annual tax = $288,000 x (22/1,000) = $288,000 x 0.022 = $6,336.
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