A residential property in Stamford, Connecticut has a fair market value of $480,000. The town's mill rate is 15 mills. Using Connecticut's standard 70% assessment ratio, what is the annual property tax owed on this property?
Correct Answer
A) $5,040
Step 1: Calculate assessed value using Connecticut's 70% assessment ratio: $480,000 × 0.70 = $336,000. Step 2: Convert mill rate to a decimal: 15 mills = 15 ÷ 1,000 = 0.015. Step 3: Calculate annual tax: $336,000 × 0.015 = $5,040. Connecticut's 70% assessment ratio is the critical state-specific element here.
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