Property Valuation
A Connecticut assessor determines a property's assessed value to be $210,000. The mill rate is 27.5. What are the annual property taxes?
A$5,000
B$5,775✓ Correct
C$6,300
D$7,350
Explanation
Tax = Assessed value × Mill rate = $210,000 × 0.0275 = $5,775.
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Key Terms to Know
Capitalization Rate (Cap Rate)
A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Math Concepts
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