A property is assessed at $250,000 , and the mill rate is 15 mills. Using the formula property tax=((assessed value))/(1,000)⋅mill rate , what is the annual property tax?
Answer
A
3 dollars comma 500
B
3 dollars comma 750
C
3 dollars comma 000
D
4 dollars comma 000
Explanation
Divide the assessed value by 1,000, then multiply by the mill rate: ($250,000 ÷ 1,000) × 15 = 250 × 15 = $3,750. Therefore, the annual property tax is $3,750, choice A.
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