So the tax rate is 25 mills per dollar.
A mills is equal to 0.001
This means that the tax they pay is 25 x 0.001 = 0.025 per dollar of valuation.
Since the acid value is 110,000, therefore the amount of tax they pay can be calculated as follows:
amount of tax = 110,000 x 0.025 = $2,750 tax paid
