The tax payable on the assessed property is $35 if the mill rate of 35 mills is applied.
What is a mill rate?
A mill rate refers to an amount of tax payable per dollar of the assessed value of a property.
Here, the mill rate is 35 mills and the assessed value is $1,000.
Tax payable = 35 mills * $1,000
Tax payable = $35.
Hence, the tax payable on the assessed property is $35 if the mill rate of 35 mills is applied.
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