Real Estate MathProperty_tax_calculationsMEDIUM
A property has an assessed value of $250,000 and the local tax rate is 15 mills. What is the annual property tax?
Correct Answer
B) $3,750
One mill equals $1 per $1,000 of assessed value, or 0.001. At 15 mills: $250,000 × 0.015 = $3,750 annual property tax.
Answer Options
A
$3,000B
$3,750C
$4,250D
$5,000Why This Is the Correct Answer
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Related Topics & Key Terms
Related Topics:
assessed value vs. market valueIdaho homeowner's exemptionad valorem taxesproperty tax proration
Key Terms:
mill rateproperty taxassessed valuead valoremtax calculation
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