A residential property in Westport, Connecticut has a fair market value of $600,000. The assessor applies Connecticut's standard 70% assessment ratio. The town's mill rate is 17.5 mills. What is the annual property tax owed on this property?
Correct Answer
A) $7,350
Step 1: Calculate assessed value: $600,000 × 0.70 = $420,000. Step 2: Convert mill rate: 17.5 mills = 17.5 ÷ 1,000 = 0.0175. Step 3: Calculate annual tax: $420,000 × 0.0175 = $7,350. Connecticut's 70% assessment ratio is the critical state-specific step.
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