Real Estate Math
What is the annual property tax on a South Carolina home valued at $200,000 with a 4% legal residence assessment ratio and a millage rate of 300?
A$2,000
B$2,400✓ Correct
C$2,640
D$3,000
Explanation
Assessed value = $200,000 × 4% = $8,000. Tax = $8,000 × 300/1,000 = $8,000 × 0.
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