Real Estate Math
An Ohio property has a tax assessment of $105,000 and a millage rate of 72 mills. What is the annual property tax?
A$7,080
B$7,200
C$7,560✓ Correct
D$8,000
Explanation
Annual tax = $105,000 × 0.072 = $7,560. Using the values given ($105,000), apply the appropriate formula.. The correct answer is $7,560.. This is a common calculation on the Ohio real estate exam.
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