Real Estate Math
A North Dakota property has a tax mill rate of 85 mills and an assessed value of $250,000. What is the annual property tax?
A$21,250✓ Correct
B$14,500
C$18,062
D$8,500
Explanation
Property tax = Assessed value × Mill rate / 1,000 = $250,000 × 85 / 1,000 = $21,250. Using the values given ($250,000), apply the appropriate formula..
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