A property in Hamilton County, Ohio has a market value of $250,000 and the total effective tax rate is 2.1% of market value. The County Auditor assesses property at 35% of market value. What is the effective millage rate applied to the assessed value?
Correct Answer
C) 60 mills
Step 1: Tax = $250,000 × 0.021 = $5,250. Step 2: Assessed value = $250,000 × 0.35 = $87,500. Step 3: Effective millage = $5,250 / $87,500 = 0.060 = 60 mills.
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