A condominium in Montgomery County, Ohio has a market value of $140,000. Ohio assesses at 35%. If the owner's total annual property tax is $3,430, what is the effective millage rate on the assessed value?
Correct Answer
B) 70 mills
Step 1: Assessed value = $140,000 × 0.35 = $49,000. Step 2: Millage = $3,430 / $49,000 = 0.070 = 70 mills.
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Sarah is purchasing a home in Ohio and asks her agent about property taxes. In Ohio, property taxes are paid:
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