Real Estate Math
A Maine property has annual taxes of $6,400 and the local tax rate is $16.00 per $1,000 of assessed value. The assessed value is:
A$300,000
B$400,000✓ Correct
C$350,000
D$250,000
Explanation
Assessed value = Annual taxes ÷ Tax rate per $1,000 × 1,000 = $6,400 ÷ 16 × 1,000 = $400,000. Using the values given ($6,400, $16.00), apply the appropriate formula.. The correct answer is $400,000.. This is a common calculation on the Maine real estate exam.
Related Maine Real Estate Math Questions
- A Maine property is listed at $425,000 and sells for 96% of the list price. What is the final sales price?
- A Maine property manager charges 8% of monthly rent for management. The property has 6 units renting for $1,200 each per month. Monthly management fee is:
- A Maine buyer makes an offer 8% below the list price of $375,000. The offer price is:
- A Maine property is appraised at $380,000 with a LTV limit of 75% for a commercial loan. The maximum loan amount is:
- A seller owes $145,000 on their mortgage. The home sells for $265,000, and closing costs are $6,000 (including a 5% commission). What are the seller's net proceeds?
- A Maine investor wants a 10% cash-on-cash return. They invest $80,000 in equity on a rental property. The annual cash flow (before taxes) needed is:
- A Maine property has an NOI of $55,000 and the cap rate in the market is 7%. If the NOI increases to $60,000 and the cap rate remains 7%, how much does the value increase?
- A Maine property's annual gross income is $84,000. If the operating expense ratio is 45%, what is the NOI?
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →