Property taxes on land assessed at $750,000 and a mill rate of 1.1857 is $1,028.55

Name: Property taxes on land assessed at $750,000 and a mill rate of 1.1857 is $1,028.55
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Quizplus · Accepted Answer

The property tax is calculated by multiplying the assessed value of the property by the mill rate and then dividing by 1,000. So, for a property assessed at $750,000 and a mill rate of 1.1857, the calculation would be ($750,000 * 1.1857) / 1,000 = $889.275 or $889.28 when rounded to the nearest cent, not $1,028.55.

Property Taxes on Land Assessed at $750,000 and a Mill