Question

A property assessed at a value of $255,500 is taxed at a yearly rate of 11 mils. How much is the tax per year?

Answer 1

To calculate the tax per year on a property assessed at $255,500 with a tax rate of 11 mils, multiply the assessed value by the tax rate. The tax per year is $2,810.50.

Step-by-step explanation:

To calculate the tax per year, we need to multiply the assessed value of the property by the tax rate. In this case, the assessed value is $255,500 and the tax rate is 11 mils. One mil is equal to 1/1000 or 0.001, so the tax rate is 0.011. Multiplying the assessed value by the tax rate gives us $255,500 * 0.011 = $2,810.50. Therefore, the tax per year is $2,810.50.