Real Estate Math
A Wyoming home is assessed at 9.5% of market value for property tax purposes. If the market value is $420,000 and the mill rate is 55 mills, what is the annual property tax?
A$1,995.00
B$2,195.50✓ Correct
C$2,310.00
D$2,499.00
Explanation
Assessed value = $420,000 × 9.5% = $39,900. Tax = $39,900 × 55 mills = $39,900 × 0.055 = $2,194.50. The095 × 0.05 = $1,995). Note: Assessed value × mill rate ÷ 1000 = tax. $39,900 × 55 ÷ 1000 = $2,194.50.
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