Real Estate Math
A Charleston property appraised at $340,000 has an assessment ratio of 4% and a millage rate of 200 mills. What is the annual property tax?
A$2,040
B$2,440
C$2,720✓ Correct
D$3,400
Explanation
Assessed value = $340,000 × 4% = $13,600. Tax = $13,600 × 200/1000 = $13,600 × 0.20 = $2,720. To solve this, multiply the relevant values: $340,000 at 4%.. The correct answer is $2,720.. This is a common calculation on the South Carolina real estate exam.
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