Real Estate Math
A Wisconsin property has an assessed value of $310,000 and the local mill rate is 22 mills ($22 per $1,000). What is the annual property tax?
A$5,820
B$6,420
C$6,820✓ Correct
D$7,020
Explanation
Property tax = $310,000 × (22/1,000) = $310,000 × 0.022 = $6,820. Using the values given ($310,000, $22), apply the appropriate formula.. The correct answer is $6,820.. This is a common calculation on the Wisconsin real estate exam.
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