Real Estate Math
An Ohio home is assessed at 35% of its $320,000 market value. The millage rate is 80 mills. What is the annual property tax?
A$8,400
B$8,960✓ Correct
C$9,240
D$9,600
Explanation
Assessed value = $320,000 × 35% = $112,000. Annual tax = $112,000 × 0.080 = $8,960. To solve this, multiply the relevant values: $320,000 at 35%.. The correct answer is $8,960.. This is a common calculation on the Ohio real estate exam.
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