What is the total amount of tax due on a property with an assessed value of $315,200?

Question

The property tax rate is 53.7 mills.

A. $169,262.40

B. $16,926.24

C. $5,869.65

D. $315.00

Answer 1

1 mill is equal to one tenth of a cent of taxes per dollar of assessed value

53.7 mills means 53.7 dollars of tax for every $1000 of assessed value.

Divide the mill rate, 53.7 by 1000.

Then multiply the assessed value, $315,200 by this fraction to find the taxes due.

.0537 x $315,200 = $16,926.24