Real Estate Math
A property has annual property taxes of $4,200 and is assessed at 11% of its market value. If the mill rate is 80 mills, what is the property's market value?
A$477,273✓ Correct
B$481,818
C$500,000
D$450,000
Explanation
Tax = Assessed value x Mill rate. $4,200 = Assessed value x 0.
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