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"A municipality has a tax rate of 18 mills. A piece of real property in the municipality is assessed at $180,000 and has a fair market value of $165,000. The annual tax liability on the property is:"

Respuesta :

abiolataiwo2015

Answer:

$3,240

Explanation:

Calculation for the annual tax liability on the property

Using this formula

Annual tax liability= (Tax rate× Real property )

Where= Tax rate =18 million

Real property=180,000

Let plug in the formula

Annual tax liability=( .018x180000)

Annual tax liability=$3,240

Therefore the annual tax liability on the property is $3,240