Real Estate MathPregunta 120 de 120
A property assessed at $250,000 is taxed at a millage rate of 20 mills. What is the annual tax?
a.$500
b.$50,000
c.$2,500
d.$5,000
Explicación
One mill equals $1 per $1,000 of assessed value, so 20 mills is $20 per $1,000. Tax equals $250,000 / 1,000 x 20 = $5,000. Millage rates are a common way local governments express property tax rates.
Practica las 120 preguntas gratis — sin registro.
Preguntas relacionadas de este tema
- A seller wants to net $188,000 after paying a 6 percent commission on the sale price. What must the sale price be (rounded)?
- A mortgage loan of $150,000 has an annual interest rate of 6 percent. How much interest accrues in the first month (simple interest)?
- A buyer pays 2 discount points on a $180,000 loan. How much do the points cost?
- Annual property taxes of $2,400 are paid in arrears. At a closing on July 1, using a 360-day year, how much does the seller owe for the 6 months already elapsed?
- A rectangular building is 40 feet wide and 80 feet long. At a construction cost of $120 per square foot, what is the total cost?
- An agent receives a 3 percent share of a $500,000 sale, then keeps 70 percent after a 30 percent brokerage split. What is the agent's take-home amount?
Última revisión: · proceso editorial
Equipo Editorial de PrepPass · Verificado con Florida Real Estate Sales Associate Licensing Exam · Cómo revisamos