Real Estate Math
A property's assessed value is $195,000. If property taxes are $2,925 annually, what is the effective tax rate (as a percentage)?
A1.25%
B1.5%✓ Correct
C1.75%
D2.0%
Explanation
Tax rate = Annual Tax ÷ Assessed Value = $2,925 ÷ $195,000 = 0.015 = 1.5%. Using the values given ($195,000, $2,925), apply the appropriate formula.. The correct answer is 1.5%.. This is a common calculation on the Idaho real estate exam.
Related Idaho Real Estate Math Questions
- An investor purchases a duplex for $350,000. Each unit rents for $1,400/month. Annual operating expenses are $12,000. What is the annual NOI?
- A lot is described as 200 feet wide and 175 feet deep. The buyer paid $8.00 per square foot. What was the total purchase price?
- A property appreciated 5% per year for 3 years. If the original value was $250,000, what is its current value?
- A lot measures 1.5 acres. How many square feet is this? (1 acre = 43,560 sq ft)
- An Idaho property sells for $425,000. The buyer puts 20% down and obtains a loan. The lender charges 2 discount points. What is the dollar cost of the points?
- Using the income approach, a property with an annual NOI of $72,000 and a cap rate of 8% is valued at:
- A seller nets $255,000 after paying a 5% commission. What was the sale price?
- Using the income approach, a property generates monthly rent of $3,200. Operating expenses are $14,400 annually and the capitalization rate is 7.5%. What is the estimated value?
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →