An Ohio homeowner pays $4,200 in annual property taxes. The total millage rate is 60 mills. What is the property's market value?
Correct Answer
A) $200,000
Step 1: Assessed value = Tax / Millage rate = $4,200 / 0.060 = $70,000. Step 2: Market value = Assessed value / 0.35 = $70,000 / 0.35 = $200,000.
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