Real Estate Math
A Greenville property has an assessed value of $120,000 (at 4% assessment ratio for primary residence) and a millage rate of 250 mills. What is the annual property tax?
A$1,200✓ Correct
B$1,500
C$1,800
D$3,000
Explanation
Assessed value × assessment ratio = taxable value. $120,000 is the fair market value; taxable value = $120,000 × 4% = $4,800.
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