Real Estate Math
A property in Columbus was appraised at $325,000. At 35% assessment, the assessed value is $113,750. At 68 mills, what is the annual tax?
A$7,095
B$7,535
C$7,735✓ Correct
D$8,000
Explanation
Annual tax = $113,750 × 0.068 = $7,735. To solve this, multiply the relevant values: $325,000 and $113,750 at 35%.. The correct answer is $7,735.. This is a common calculation on the Ohio real estate exam.
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