Real Estate Math
A home's assessed value is $195,000. The tax rate is 22 mills. What is the annual tax? (1 mill = $0.001 per dollar of assessed value)
A$4,290✓ Correct
B$3,900
C$2,195
D$4,500
Explanation
$195,000 × 0.022 = $4,290.
Related Alabama Real Estate Math Questions
- An Alabama property has a net operating income of $45,000 and a cap rate of 7.5%. What is the property's value?
- A seller accepts an offer of $310,000 on their home. The seller's existing mortgage balance is $195,000. Closing costs are $8,000, and the real estate commission is 6%. How much does the seller net from the sale?
- Transfer taxes in Alabama are $0.50 per $500 of the sale price. What is the transfer tax on a $275,000 sale?
- A mortgage of $150,000 at 7% annual interest has a monthly payment of $998. How much of the first payment is principal?
- A property is assessed at 60% of its market value. The market value is $400,000. The tax rate is $12 per $1,000 of assessed value. What is the annual property tax?
- A building has a gross annual income of $120,000, vacancy and collection loss of 8%, and operating expenses of $35,000. What is the net operating income (NOI)?
- A property is listed at $375,000. The seller accepts an offer at 96% of list price. The commission is 5.5%. What is the commission amount?
- A buyer in Alabama puts 10% down on a $320,000 home. What is the loan amount?
Practice More Alabama Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alabama Quiz →