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

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.