If property in Boca Raton, Florida is assessed at 10 million dollars and the millage rate is 7, what is the total property tax?

If property in Boca Raton, Florida is assessed at 10 million dollars and the millage rate is 7, what is the total property tax?

• A. $50,000
• B. $70,000
• C. $100,000
• D. $140,000

Answer: (B)

To determine the total property tax for a property assessed at 10 million dollars with a millage rate of 7, you start by understanding the millage rate. A millage rate of 7 means that for every $1,000 of assessed value, the property tax is $7. First, convert the millage rate into a format that is easier to work with for calculations: 7 mills can be converted into a dollar amount by multiplying by $1,000, which gives us $7 per $1,000. Next, since the property is valued at 10 million dollars, we can break down the calculation as follows: - Determine how many $1,000 increments are in 10 million dollars: 10,000,000 ÷ 1,000 = 10,000 increments of $1,000. Now, multiply the number of increments by the millage rate. 10,000 increments × $7 per increment = $70,000. This calculation leads to the total property tax owed on the property, which confirms the answer. The total property tax is indeed $70,000.

To determine the total property tax for a property assessed at 10 million dollars with a millage rate of 7, you start by understanding the millage rate. A millage rate of 7 means that for every $1,000 of assessed value, the property tax is $7.

First, convert the millage rate into a format that is easier to work with for calculations:

7 mills can be converted into a dollar amount by multiplying by $1,000, which gives us $7 per $1,000.

Next, since the property is valued at 10 million dollars, we can break down the calculation as follows:

• Determine how many $1,000 increments are in 10 million dollars:

10,000,000 ÷ 1,000 = 10,000 increments of $1,000.

Now, multiply the number of increments by the millage rate.

10,000 increments × $7 per increment = $70,000.

This calculation leads to the total property tax owed on the property, which confirms the answer. The total property tax is indeed $70,000.