Real Estate Math
A Wyoming property is assessed at 11.5% of its market value of $280,000. The mill rate is 65 mills. What is the annual tax? (1 mill = $0.001 per dollar of assessed value)
A$2,093✓ Correct
B$18,200
C$3,220
D$1,820
Explanation
Assessed value = $280,000 × 11.5% = $32,200. Annual tax = $32,200 × 0.065 = $2,093. To solve this, multiply the relevant values: $280,000 and $0.001 at 11.5%.. The correct answer is $2,093.. This is a common calculation on the Wyoming real estate exam.
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