Real Estate Math
A Connecticut property's assessed value is 70% of its market value of $350,000. The mill rate is 30. What is the annual tax?
A$5,250
B$7,350✓ Correct
C$10,500
D$12,250
Explanation
Assessed value = $350,000 × 0.70 = $245,000. Tax = $245,000 × 0.030 = $7,350. To solve this, multiply the relevant values: $350,000 at 70%.. The correct answer is $7,350.. This is a common calculation on the Connecticut real estate exam.
Related Connecticut Real Estate Math Questions
- A Connecticut seller wants to net $400,000 after paying a 5% commission. What must the selling price be?
- An agent receives a $12,000 referral fee. Their broker takes 20% of all referrals. How much does the agent net from this referral?
- A Connecticut commercial property has annual gross income of $420,000, a 5% vacancy allowance, and annual operating expenses of $155,000. What is the NOI?
- A Connecticut salesperson earns a 2.5% buyer's agent commission on a $615,000 sale. The salesperson's broker takes 40%. What does the salesperson net?
- A Connecticut investor purchases a duplex for $480,000 with a 20% down payment. What is the loan amount?
- A Connecticut broker's monthly operating expenses are $12,000. The broker's average commission per transaction is $8,500, and the broker keeps 30% of each commission. How many transactions per month does the broker need to cover expenses?
- A Connecticut buyer makes an offer of $362,500, which is 3.5% below the list price. What is the list price?
- A Connecticut home was purchased for $280,000 five years ago and is now worth $336,000. What is the total percentage appreciation over 5 years?
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →