A Colorado home appraised at $590,000 is assessed at 6.765% (residential assessment ratio). The mill levy is 78 mills. What are the annual property taxes?
Why A. $3,111 Is Correct
Answer A: A. $3,111
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 Colorado Questions
- A Colorado home is assessed at 7.15% of its actual value. The actual value is $400,000 and the mill levy is 85 mills. What is the annual property tax?Real Estate Math
- Under Colorado property tax assessment, residential properties are assessed at what percentage of actual (market) value?Property Valuation
- A Colorado property assessed at $35,000 with a mill levy of 92 mills. What is the annual property tax?Real Estate Math
- A Colorado home has a market value of $500,000. The residential assessment rate is 7.15%. What is the assessed value?Real Estate Math
- A Colorado homeowner's property was assessed at $42,000 with a mill levy of 78.5 mills. What is the annual property tax owed?Real Estate Math
- A Colorado home has a market value of $450,000. The residential assessment ratio is 7.15%. What is the assessed value?Property Valuation
- A Colorado investment property generates an annual NOI of $45,000 and comparable properties are selling at a 6% cap rate. What is the indicated value?Property Valuation
- A Colorado appraiser uses three comparable sales to value a home. Comp 1 requires a $5,000 upward adjustment for a bedroom. Comp 2 requires a $3,000 downward adjustment for a garage. Comp 3 requires no adjustments and sold for $385,000. Which comp is the most reliable indicator of value?Property Valuation
Key Terms to Know
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
Study This Topic
Practice More Colorado Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →