A property's tax assessed value is $185,000. The tax rate is $14.50 per $1,000 of assessed value. What are the annual taxes?
Why $2,682.50 Is Correct
Answer B: $2,682.50
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
People Also Study
Related Arizona Questions
- An appraiser values an Arizona commercial property using a cap rate of 7% and an NOI of $63,000. What is the indicated value?Property Valuation
- An Arizona property has a market value of $475,000. It is assessed at 10% of market value, and the tax rate is $9.20 per $100 of assessed value. What is the annual property tax?Real Estate Math
- Property taxes on an Arizona home valued at $325,000 are assessed at 10% of full cash value with a tax rate of $12 per $100 of assessed value. What is the annual tax bill?Real Estate Math
- A property's assessed value is $225,000 and the property tax rate is 1.2%. What are the annual property taxes?Real Estate Math
- An Arizona property has a tax rate of 10.5 mills (0.0105). The property is assessed at 10% of its $480,000 full cash value. What are the annual taxes?Real Estate Math
- An Arizona property produces a Net Operating Income (NOI) of $120,000 per year. Using a capitalization rate of 6%, what is the estimated value?Property Valuation
- An Arizona appraiser using the income approach to value a commercial property calculates a capitalization rate of 7%. If the net operating income (NOI) is $105,000, what is the estimated property value?Property Valuation
- An Arizona appraiser using the cost approach estimates the value of a home as follows: land value = $80,000; replacement cost new of improvements = $220,000; accumulated depreciation = $30,000. What is the estimated value?Property Valuation
Key Terms to Know
A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
Study This Topic
Practice More Arizona Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →