Real Estate Math
A Massachusetts property is taxed at $15.20 per $1,000 of assessed value. If the property is assessed at $520,000, what are the annual taxes?
A$7,904✓ Correct
B$7,200
C$7,760
D$8,000
Explanation
Annual taxes = ($520,000 ÷ $1,000) × $15.20 = 520 × $15.20 = $7,904. Using the values given ($15.20, $1,000), apply the appropriate formula.. The correct answer is $7,904.. This is a common calculation on the Massachusetts real estate exam.
Related Massachusetts Real Estate Math Questions
- A Massachusetts investment property generates 5% vacancy on a potential gross income of $180,000. Annual operating expenses are 38% of effective gross income. What is the NOI?
- A Massachusetts buyer purchases a home for $595,000 with 15% down. If the annual interest rate is 6.75%, what is the first month's interest payment?
- A 30-year amortizing loan for $310,000 at 6.75% has a monthly principal and interest payment of approximately $2,010. After the first payment, the remaining balance is approximately:
- A Massachusetts landlord collects last month's rent of $2,200 from a new tenant. The landlord must pay interest on this amount at what Massachusetts statutory rate?
- A property sells for $475,000. The broker charges a 5.5% commission. What is the total commission?
- A Massachusetts property is listed at $475,000. After a 6% price reduction, the buyer also negotiates an additional $5,000 credit at closing. What is the net effective sale price?
- A Massachusetts seller wants to clear $300,000 after paying off a $175,000 mortgage and a 5% commission. What minimum sale price do they need?
- A Massachusetts investor buys a 4-unit building. Each unit rents for $1,500/month. The purchase price is $600,000. What is the annual gross rent multiplier (GRM)?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →