One mill equals what fraction of a dollar per dollar of assessed value?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Prepare for the Michigan Salesperson Exam with detailed questions. Study with flashcards and multiple choice questions including hints and explanations. Ace your test!

Multiple Choice

One mill equals what fraction of a dollar per dollar of assessed value?

Explanation:
A mill represents one thousandth of a dollar. So per dollar of assessed value, the tax rate is 0.001 dollars, which is the fraction 1/1000. In other words, one mill equals 0.001 dollars per dollar of value (also 0.1 cent). For example, $1,000 of value at a rate of one mill per dollar would generate $1 in tax.

A mill represents one thousandth of a dollar. So per dollar of assessed value, the tax rate is 0.001 dollars, which is the fraction 1/1000. In other words, one mill equals 0.001 dollars per dollar of value (also 0.1 cent). For example, $1,000 of value at a rate of one mill per dollar would generate $1 in tax.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy