Sergei owns some property that has an assessed value of $242,675. Calculate the tax due if the tax rate is 51.50 mills. (Round your answer to the nearest cent if necessary)

Question

Quizplus · Accepted Answer

To calculate the tax due, convert the mill rate to a decimal by dividing by 1,000. Thus, 51.50 mills = 0.0515. Then, multiply the property's assessed value by this rate: $242,675 * 0.0515 = $12,497.76.

Sergei Owns Some Property That Has an Assessed Value of $242,675