Real Estate Math
A property has a market value of $375,000 and is assessed at 25% of market value. The mill rate is 35 mills (0.035). What are the annual property taxes?
A$3,281.25✓ Correct
B$13,125
C$3,500
D$9,375
Explanation
Assessed value = $375,000 × 25% = $93,750. Tax = $93,750 × 0.
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