Real Estate Math
A Florida property has a current assessed value of $310,000 with a 3% SOH cap applied. Without the cap, the market-based assessment would be $375,000. The tax rate is 18 mills. How much does the SOH cap save the homeowner annually?
A$1,170✓ Correct
B$1,350
C$1,100
D$540
Explanation
Without SOH: $375,000 × 0.018 = $6,750.
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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.
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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