Real Estate Math
A Louisiana home's appraised value is $295,000. The tax assessment ratio is 10%. The millage rate is 95 mills, and the owner qualifies for the $7,500 homestead exemption. What is the annual tax bill?
A$2,090.00✓ Correct
B$2,375.00
C$1,662.50
D$2,280.00
Explanation
Assessed value = $295,000 × 10% = $29,500. After exemption = $29,500 − $7,500 = $22,000. Tax = $22,000 × 95/1,000 = $22,000 × 0.095 = $2,090.095 = $2,090. Let me verify: $22,000 × 0.095 = $2,090.
Related Louisiana Real Estate Math Questions
- A Louisiana title company charges a recording fee of $25 for the first page and $10 for each additional page of an Act of Sale. If the Act of Sale is 8 pages, what is the recording fee?
- A property sells for $350,000. The buyer pays 3 discount points on a $280,000 loan. What is the cost of the points?
- A Louisiana property sold for $198,500. If this represents 115% of what the owner paid 5 years ago, what was the original purchase price?
- A rectangular parcel in Louisiana measures 2.5 acres. How many square feet is this?
- A Louisiana property manager earns 7% of collected rents. The property has 12 units at $850/month each with a 5% vacancy rate. What is the monthly management fee?
- A Louisiana broker earns a 5% commission on a $275,000 sale. The broker splits 55% with the selling agent. How much does the selling agent receive?
- A Louisiana property selling for $310,000 has an existing mortgage balance of $145,000. The seller's closing costs total $22,400. What are the seller's net proceeds?
- A real estate salesperson earns 60% of the commission paid to their broker. If the property sold for $195,000 at a 5.5% commission rate, how much does the salesperson earn?
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →