Real Estate Math
A property is assessed at $330,000 (at 55% of market value). The mill levy is 10 mills. What are the annual property taxes?
A$3,300✓ Correct
B$1,815
C$2,805
D$2,100
Explanation
Annual taxes = Assessed Value × (Mill Rate / 1000) = $330,000 × (10/1000) = $330,000 × 0.010 = $3,300.
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