A condominium is a building containing apartments that are owned by the people who live there, or one of these apartments. In this problem, that condominium has an assessed value, that is the dollar value assigned to a property to measure applicable taxes.
This assessed value is $110,000. On the other hand, the tax rate is 25 mills per $1.00. We know that a mill equals 0.001. Therefore:
(110,000)(0.025) = $2,750 tax paid.
