Real Estate Math
A property is assessed at $412,000. The town tax rate is $11.85 per $1,000 of assessed value. What are the quarterly property tax payments?
A$1,220.55✓ Correct
B$1,221.55
C$1,240.20
D$1,185.00
Explanation
Annual tax = ($412,000 ÷ $1,000) × $11.85 = 412 × $11.85 = $4,882.20. Quarterly payment = $4,882.20 ÷ 4 = $1,220.55.
Related Massachusetts Real Estate Math Questions
- A buyer wants to buy a property with a 25% down payment. The sale price is $520,000. What is the loan amount?
- A Massachusetts seller's net sheet shows a sale price of $710,000, mortgage payoff of $350,000, commission of 5%, deed excise of $4.56 per $1,000, and attorney's fee of $2,000. What is the seller's approximate net proceeds?
- A Massachusetts property is assessed at $620,000 but the owner believes the market value is $575,000. If the tax rate is $12.50 per $1,000, how much could the owner save annually if the assessment is reduced to market value?
- A property's assessed value is 65% of its market value of $510,000. The tax rate is $13.20 per $1,000. What is the annual property tax?
- A Massachusetts tenant receives a security deposit of $2,400 and pays first and last month's rent of $1,200 each. What is the total amount paid to move in?
- A broker lists a property for $620,000. After a price reduction of 4%, the property sells. The commission is 5.5% of the actual sale price. What is the commission?
- A home sells for $525,000. The buyer pays a 20% down payment and finances the rest. The lender charges 1.5 discount points on the loan. How much will the buyer pay in discount points?
- A buyer puts 15% down on a $480,000 property. The lender charges 1 origination point plus 0.75 discount points. What is the total points cost?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →