Real Estate MathProrationsMEDIUM
A property's market value is $750,000. The assessment rate is 25% with 23.50 mills. Find the annual property taxes.
Correct Answer
C) $4,406.25
Assessed Value = $750,000 × 0.25 = $187,500. Tax = $187,500 × 0.0235 = $4,406.25
Answer Options
A
$1,207.22B
$2,679.50C
$4,406.25D
$6,732.30Audio Lesson4 min
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Related Topics & Key Terms
Related Topics:
property-valuation-methodsreal-estate-closings-costsmarket-value-vs-assessed-value
Key Terms:
property taxmill rateassessed valueassessment rateproperty tax calculation
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