Real Estate Math
A Wisconsin property has a market value of $275,000 and is assessed at 100% of market value. The mill rate is 22 mills. What is the annual property tax?
A$4,950
B$5,500
C$6,050✓ Correct
D$6,875
Explanation
Annual tax = Assessed value × Mill rate ÷ 1,000 = $275,000 × 22 ÷ 1,000 = $275,000 × 0.022 = $6,050.
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