Real Estate Math
A Delaware property is assessed at $175,000. If the tax rate is 1.4%, what is the monthly tax escrow amount (1/12 of annual taxes)?
A$175.00
B$204.17✓ Correct
C$240.00
D$157.50
Explanation
Annual tax = $175,000 × 0.014 = $2,450. Monthly escrow = $2,450 ÷ 12 = $204.17. To solve this, multiply the relevant values: $175,000 at 1.4%.. The correct answer is $204.17.. This is a common calculation on the Delaware real estate exam.
Related Delaware Real Estate Math Questions
- A Delaware property has a mortgage balance of $215,000 at 5% annual interest. What is the monthly interest charge?
- A Delaware property has an assessed value of $220,000. The county mill rate is 15 mills. What is the annual property tax?
- A Delaware seller accepts $495,000. They owe $290,000 on their mortgage, pay a 5% commission, and have $6,500 in closing costs. What are the seller's net proceeds?
- If a Delaware property's NOI is $67,500 and it sells for $900,000, what is the cap rate?
- Using straight-line depreciation over 27.5 years, what is the annual depreciation on a $275,000 residential rental building (excluding land)?
- A Delaware home is listed at $359,000 and sells for 97% of list price. What is the sale price?
- A Delaware buyer's gross monthly income is $7,500. Using a 43% back-end (total debt) ratio, what is the maximum total monthly debt (including housing)?
- A Delaware property has a replacement cost of $550,000, accrued depreciation of $110,000, and land value of $120,000. What is the indicated value by cost approach?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →