Real Estate Math
A property is assessed at 40% of its $300,000 market value. The tax rate is 25 mills. What are the annual property taxes?
A$1,200
B$3,000✓ Correct
C$7,500
D$12,000
Explanation
Assessed value = $300,000 × 40% = $120,000. Tax = Assessed value × mill rate = $120,000 × 0.
Related Georgia Real Estate Math Questions
- A property owner wants to net $350,000 after paying a 5% real estate commission. What must the selling price be?
- What is the annual interest on a $150,000 interest-only loan at 5.5%?
- A Georgia property is listed at $389,000. After 60 days with no offers, the seller reduces the price by 4%. What is the new listing price?
- Using the Georgia transfer tax rate of $1 per $500, what is the transfer tax on a $275,000 sale?
- A property has a market value of $450,000 and is assessed at 40% of value. If the mill rate is 30 mills, what are the annual property taxes?
- A seller wants to net $240,000 after paying a 6% commission. What must the property sell for?
- A rectangular lot is 150 feet wide and 200 feet deep. How many acres is this lot? (1 acre = 43,560 sq ft)
- A borrower pays 2 points on a $320,000 loan. What is the dollar cost of the points?
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →