E J owns some property that has an assessed value of $432,920. Calculate the tax due if the tax rate is 32.25 mills.

Name: E J owns some property that has an assessed value of $432,920. Calculate the tax due if the tax rate is 32.25 mills.
Brand: Quizplus
Rating: 4.9 (52 reviews)

Question

Quizplus · Accepted Answer

The tax due is calculated by multiplying the assessed value by the tax rate (in decimal form). The tax rate of 32.25 mills is equivalent to 0.03225 (since 1 mill = 0.001). Therefore, the tax due is $432,920 * 0.03225 = $13,961.67.

E J Owns Some Property That Has an Assessed Value