Real Estate Math
An Ohio property's assessed value is $84,000. The millage rate is 75 mills. What is the annual property tax?
A$5,880
B$6,000
C$6,300✓ Correct
D$7,000
Explanation
Annual tax = Assessed Value × Mill Rate = $84,000 × 0.075 = $6,300. Using the values given ($84,000), apply the appropriate formula.. The correct answer is $6,300.. This is a common calculation on the Ohio real estate exam.
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