Real Estate Math
A South Carolina property was assessed at $120,000 (at 6% investment property ratio) with a tax rate of 300 mills. What is the annual tax?
A$1,800
B$2,160✓ Correct
C$2,880
D$3,600
Explanation
Taxable assessed value = $120,000 × 6% = $7,200. Annual tax = $7,200 × 300/1000 = $7,200 × 0.
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