Real Estate Math
An Indiana property tax bill is $6,600 per year. The new buyer assumes ownership on August 1. How much of the annual tax does the buyer owe for the remainder of the year (5 months) on a 360-day basis?
A$2,750✓ Correct
B$3,300
C$3,850
D$4,400
Explanation
Monthly tax = $6,600 ÷ 12 = $550. Buyer's portion (5 months: August–December) = 5 × $550 = $2,750.
Related Indiana Real Estate Math Questions
- An Indiana home sells for $410,000. If the property was purchased 5 years ago for $340,000, what is the total dollar appreciation?
- An Indiana seller accepts a purchase contract and must vacate 3 days after closing. If closing is May 1, the seller's rent-back at $120/day lasts through May 3. How much does the seller owe the buyer?
- A 6-unit apartment building in Muncie rents for $750/unit/month. The expenses are 40% of gross income. What is the annual NOI?
- An Indiana property's potential gross income is $96,000 per year. If 8% vacancy is expected and operating expenses are $35,000, what is the NOI?
- An Indiana property closes on March 15. Annual property taxes are $4,800. Using the 365-day method, what is the seller's tax proration (seller owes buyer)?
- A buyer in Indiana assumes a mortgage with a $145,000 balance at 4.5%. The current rate for new loans is 7%. What is the monthly interest savings versus a new loan on the same balance?
- A house in Evansville, Indiana listed at $195,000 sold for 97% of the listing price. What was the sale price?
- A real estate investor in Indiana purchases a property for $250,000 with 25% down. The annual NOI is $22,500. What is the cap rate?
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →