Real Estate Math
An Ohio property is appraised at $280,000. The county auditor assesses it at 35% for tax purposes. The millage rate is 60 mills. What is the annual tax? (1 mill = $0.001 per $1 of value)
A$5,460
B$5,640
C$5,880✓ Correct
D$6,120
Explanation
Assessed value = $280,000 x 35% = $98,000. Annual tax = $98,000 x 60 mills = $98,000 x 0.060 = $5,880.
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