Real Estate Math
An Oklahoma property was assessed at $33,000 (after the 11% homestead ratio). The homestead exemption of $1,000 is applied. With a mill rate of 95 mills, what is the annual tax?
A$3,135
B$3,040✓ Correct
C$3,800
D$2,584
Explanation
Taxable assessed value = $33,000 − $1,000 exemption = $32,000. Tax = $32,000 × (95 ÷ 1,000) = $32,000 × 0.
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