Real Estate Math
A property in Lehigh County has a market value of $350,000, an assessment ratio of 100%, and a millage rate of 18.5 mills. What is the annual tax?
A$6,475✓ Correct
B$64,750
C$3,500
D$7,000
Explanation
Assessed value = $350,000 × 100% = $350,000. Tax = $350,000 × 18.5 mills = $350,000 × 0.0185 = $6,475. Lehigh County assesses at 100% of market value, making the calculation straightforward — the millage rate is applied directly to market value.
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