Real Estate Math

A property's taxable value after applying an assessment ratio of 25% is $87,500. What is the property's market value?

A$21,875

B$350,000✓ Correct

C$262,500

D$116,667

Explanation

Assessed value = Market value × Assessment ratio. $87,500 = Market value × 25%.

Related Illinois Real Estate Math Questions

A property in Illinois has a market value of $450,000. The assessment level is 33.3%, the equalization factor is 2.0, and the tax rate is 7%. What are the annual property taxes?
A commercial lease specifies a base rent of $18 per square foot per year plus $4.50 per square foot for taxes and $2.25 per square foot for insurance. The tenant occupies 3,200 square feet. What is the monthly rent?
An Illinois investor uses a $50,000 down payment to buy a $250,000 rental property. The property appreciates 5% in the first year. What is the return on equity (leverage effect)?
A property has gross rental income of $60,000, vacancy losses of $3,000, and operating expenses of $22,000. What is the net operating income (NOI)?
An Illinois rental property generates annual NOI of $42,000. The owner invested $350,000 cash (no mortgage). What is the overall capitalization rate?
An Illinois home sold for $395,000. The buyer paid $15,800 (4%) down. How much PMI would the buyer pay monthly if the PMI rate is 0.8% annually?
A home sold for $340,000. The seller agreed to pay 3% of the sale price toward buyer's closing costs. How much did the seller contribute toward closing costs?
An Illinois property sells for $485,000 with a 6% commission. The listing brokerage and selling brokerage split 50/50. The buyer's agent has a 60/40 split with their brokerage (agent gets 60%). What does the buyer's agent earn?

Practice More Illinois Real Estate Questions

1,500+ questions covering all exam topics. Start free — no signup required.

Take the Free Illinois Quiz →