Real Estate Math
An Oklahoma property owner pays $5,760 annually in property taxes. The assessment ratio is 11% and the mill rate is 80 mills. What is the market value?
A$654,545✓ Correct
B$655,000
C$654,000
D$653,000
Explanation
Tax = Assessed value x mill rate. $5,760 = AV x 0.080. AV = $72,000. Market value = AV / 0.11 = $72,000 / 0.11 = $654,545.
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