Given the Following Information, Calculate the Total Annual Tax Liability

Multiple Choice

Given the following information, calculate the total annual tax liability of the homeowner. Market value of property: $537,500, Assessed value of property: 60 % of the market value, Exemptions: $2,500, School District Millage Rate: 29.25 mills, County and Township Millage Rate: 5.75 mills.

A) $7,437.50
B) $11,200.00
C) $11,287.50
D) $188,125.00