Real Estate Math
A Colorado property has a market value of $680,000 and is assessed at 6.95%. The mill levy is 65 mills. What is the annual property tax?
AA. $3,071✓ Correct
BB. $30,706
CC. $307,060
DD. $3,074
Explanation
Assessed Value = $680,000 × 6.95% = $47,260. Annual Tax = $47,260 × 65 ÷ 1,000 = $47,260 × 0.065 = $3,071.90 ≈ $3,071.
Related Colorado Real Estate Math Questions
- A Colorado property is listed for $595,000. After 60 days with no offers, the seller reduces the price by 4%. What is the new list price?
- A 20,000 square-foot commercial building rents for $18.50 per square foot annually (NNN). What is the annual base rent?
- A Colorado homeowner makes extra principal payments of $200/month on their 30-year, $350,000 mortgage. Approximately how much sooner will they pay off the loan compared to making regular payments only? (Assume the extra payments reduce the term significantly.)
- A property has a gross monthly rent of $3,800. Using a GRM of 145, what is the estimated value?
- A Colorado seller purchased their home for $285,000 and sold it for $440,000, paying $26,400 in selling costs. What is the seller's gain before capital gains taxes?
- A Colorado property has a 5% vacancy rate and potential gross income of $96,000. What is the effective gross income?
- A Colorado property sold for $395,000. The buyer paid 3.5% down and financed the rest. How much did the buyer borrow?
- A Colorado property has depreciated by 22% from its original value of $580,000. What is the current depreciated value?
Practice More Colorado Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →