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
Why This Is the Correct Answer
Assessed Value = $750,000 × 0.25 = $187,500. Tax = $187,500 × 0.0235 = $4,406.25
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