Real Estate Math
A West Virginia property has a market value of $250,000. The county millage rate is 35 mills. What is the annual property tax if the assessment ratio is 60%?
A$4,200
B$5,250✓ Correct
C$8,750
D$3,500
Explanation
Assessed Value = $250,000 x 0.60 = $150,000. Tax = $150,000 x (35/1,000) = $150,000 x 0.035 = $5,250.
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