Their property tax would be =$ 26,460
Calculation of property tax
A mill is one-thousandth of a dollar, and in property tax terms is equal to $1.00 of tax for each.
Therefore 27 mills = $27 for every $1,000 of assessed value, or 2.7%.
To calculate the property tax would
= 27/100× 98,000
= 2646000/100
=$ 26,460
Therefore, Their property tax would be =$ 26,460
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