A property's market value is $500,000. Assessment rate is 25% with 55.75 mills and $25,000 deduction. Find monthly property taxes.
Correct Answer
C) $464.58
Assessed = $500,000 × 0.25 = $125,000. Taxable = $125,000 - $25,000 = $100,000. Annual tax = $100,000 × 0.05575 = $5,575. Monthly = $5,575 ÷ 12 = $464.58
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