Real Estate Math
An Idaho property has a market value of $550,000. The assessment ratio is 100% and the mill rate is 14 mills. What is the annual property tax?
A$5,500
B$7,700✓ Correct
C$14,000
D$55,000
Explanation
One mill = $1 per $1,000 of assessed value. Assessed value = $550,000 × 100% = $550,000. Tax = $550,000 × (14/1,000) = $550,000 × 0.014 = $7,700.
Related Idaho Real Estate Math Questions
- A property has a gross income multiplier (GIM) of 8 and annual gross income of $85,000. What is the indicated value?
- An Idaho broker charges 6% commission, split equally between listing and selling sides. If the home sells for $385,000, how much does the listing agent's brokerage receive?
- An Idaho property manager collects $8,500/month in rent. Her management fee is 8%. What is her monthly management fee?
- If a seller offers 2% seller concessions on a $355,000 purchase, what is the dollar amount of the concessions?
- A property generates annual NOI of $24,000 and is financed with a $225,000 loan at 6% interest (interest-only). What is the cash-on-cash return on a $75,000 down payment?
- A 10-unit building has 10% vacancy. 8 occupied units rent for $1,100/month and the remaining occupied unit rents for $950/month. What is the monthly effective gross income?
- A home purchased for $310,000 is sold 4 years later for $372,000. What is the annual appreciation rate (simple, not compounded)?
- A parcel of land is described as the 'SW¼ of the NE¼ of Section 14, Township 3 North, Range 2 East.' How many acres does this parcel contain?
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →