Real Estate Math
An Ohio homeowner's property tax bill is $4,500 semiannually. If the assessed value is $100,000, what is the mill rate?
A45 mills
B60 mills
C75 mills
D90 mills✓ Correct
Explanation
Annual tax = $4,500 × 2 = $9,000. Mill rate = $9,000 / $100,000 × 1,000 = 90 mills. Using the values given ($4,500, $100,000,), apply the appropriate formula.. The correct answer is 90 mills.. This is a common calculation on the Ohio real estate exam.
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