Real Estate Math
An Iowa property is assessed at $180,000 with a residential rollback of 55% and a levy rate of $35 per $1,000 of taxable value. What is the annual property tax?
A$3,465✓ Correct
B$6,300
C$3,150
D$9,900
Explanation
Taxable value = $180,000 x 0.55 = $99,000. Tax = ($99,000 / $1,000) x $35 = 99 x $35 = $3,465. To solve this, multiply the relevant values: $180,000 and $35 at 55%.. The correct answer is $3,465.. This is a common calculation on the Iowa real estate exam.
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