Real Estate Math
A property's assessed value is $33,000. The mill rate is 95.5 mills. What are the annual property taxes?
A$3,151.50✓ Correct
B$3,052.50
C$3,000.00
D$2,950.00
Explanation
Tax = $33,000 x (95.5 / 1,000) = $33,000 x 0.0955 = $3,151.50. Using the values given ($33,000), apply the appropriate formula.. The correct answer is $3,151.50.. This is a common calculation on the Oklahoma real estate exam.
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