Real Estate Math
A Florida property is assessed at 85% of its $400,000 market value. The millage rate is 18 mills. What is the annual property tax?
A$5,400
B$6,120✓ Correct
C$7,200
D$3,060
Explanation
Assessed value = $400,000 × 0.85 = $340,000. Tax = $340,000 × (18 ÷ 1,000) = $340,000 × 0.018 = $6,120.
Related Florida Real Estate Math Questions
- A Florida investor is analyzing an apartment building with the following data: 10 units at $800/month rent, 5% vacancy, $18,000 annual operating expenses, and the investor requires a 7% cap rate. What is the investor's maximum offer price?
- A Florida buyer puts 10% down on a $380,000 home and gets a mortgage for the balance. The lender charges 1% origination fee. What is the dollar amount of the origination fee?
- A commercial space of 4,500 square feet rents at $18 per square foot annually. What is the monthly rent?
- A Florida property rents for $2,200 per month. The gross rent multiplier (GRM) for comparable properties is 150. What is the estimated value?
- A Florida property sells for $375,000. The documentary stamp tax on the deed is $0.70 per $100 (or fraction). What is the total documentary stamp tax?
- A Florida home sells for $320,000. The commission is 6%, split 3% to the listing office and 3% to the buyer's office. The listing agent receives 60% of their office's share. How much does the listing agent earn?
- A Florida investor purchased a property for $400,000 and sold it 3 years later for $480,000. What was the percentage gain?
- A Florida investor purchases a duplex for $280,000 and rents each unit for $1,200/month. The gross rent multiplier (GRM) is:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →