Real Estate Math
A North Dakota property's assessed value is $240,000. The state's assessment ratio is 100% of true market value. The mill rate is 75 mills. What is the property tax?
A$18,000✓ Correct
B$1,800
C$240
D$24,000
Explanation
Property tax = Assessed value × Mill rate ÷ 1,000 = $240,000 × 75 ÷ 1,000 = $240,000 × 0.075 = $18,000 per year.
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