A new school levy of 7.5 mills passes in an Ohio district. A homeowner's property has a market value of $280,000. How much additional annual tax will this levy cost the homeowner?
Correct Answer
A) $735
Step 1: Assessed value = $280,000 × 0.35 = $98,000. Step 2: Additional tax = $98,000 × 7.5/1000 = $98,000 × 0.0075 = $735.
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