Real Estate Math
A South Carolina property has a market value of $550,000. The assessment ratio is 6% (investment property). The millage rate is 250 mills. What is the annual property tax?
A$8,250✓ Correct
B$82,500
C$33,000
D$3,300
Explanation
Assessed value = $550,000 × 6% = $33,000. Tax = $33,000 × (250/1000) = $33,000 × 0.
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