A homeowner in Summit County, Ohio has a property with a market value of $300,000. The local tax rate (millage) is 80 mills. Ohio assesses property at 35% of market value. What is the annual property tax before any credits or exemptions?
Correct Answer
C) $8,400
Step 1: Assessed value = $300,000 × 0.35 = $105,000. Step 2: Tax = $105,000 × 80 mills = $105,000 × 0.080 = $8,400.
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