Real Estate Math
A South Carolina property has an appraised value of $380,000 and is assessed at the 6% investment ratio. The millage rate is 200 mills. What is the annual property tax?
A$4,560✓ Correct
B$45,600
C$22,800
D$2,280
Explanation
Assessed value = $380,000 × 6% = $22,800. Tax = $22,800 × (200/1000) = $22,800 × 0.20 = $4,560. To solve this, multiply the relevant values: $380,000 at 6%.. The correct answer is $4,560.. This is a common calculation on the South Carolina real estate exam.
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