Real Estate Math
An Ohio property has market value of $375,000. Ohio properties are assessed at 35% of market value. The tax rate is 68 mills. What is the annual property tax?
A$8,925✓ Correct
B$25,500
C$131,250
D$7,586
Explanation
Assessed value = $375,000 x 35% = $131,250. Annual tax = $131,250 x 68 mills / 1,000 = $131,250 x 0.
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