Real Estate Math
If an Oklahoma property is assessed at $28,600 and the mill rate is 92 mills, what are the annual property taxes?
A$2,311.20
B$2,631.20✓ Correct
C$2,200.00
D$3,109.20
Explanation
Property tax = Assessed value x (Mill rate / 1,000) = $28,600 x 0.092 = $2,631.20. Using the values given ($28,600), apply the appropriate formula.. The correct answer is $2,631.20.. This is a common calculation on the Oklahoma real estate exam.
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