Real Estate Math
An Ohio property's annual tax is $7,200. The property's assessed value is $120,000. What is the effective mill rate?
A55 mills
B60 mills✓ Correct
C65 mills
D70 mills
Explanation
Mill rate = Tax / Assessed Value × 1,000 = $7,200 / $120,000 × 1,000 = 60 mills. Using the values given ($7,200, $120,000), apply the appropriate formula.. The correct answer is 60 mills.. This is a common calculation on the Ohio real estate exam.
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