Real Estate Math
An Ohio property is assessed at $96,000. The millage rate is 55 mills. What is the annual property tax?
A$4,680
B$5,280✓ Correct
C$5,640
D$6,000
Explanation
Annual tax = $96,000 × 0.055 = $5,280. Using the values given ($96,000), apply the appropriate formula.. The correct answer is $5,280.. This is a common calculation on the Ohio real estate exam.
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