Real Estate Math
A property's assessed value is $65,000 and the tax rate is 120 mills. What is the annual property tax?
A$6,500
B$7,200
C$7,800✓ Correct
D$8,100
Explanation
Property tax = Assessed value × Mill rate ÷ 1,000. $65,000 × 120 ÷ 1,000 = $65,000 × 0.
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