Real Estate Math
A Michigan property is assessed at $175,000 (SEV). With a millage rate of 35 mills and the homeowner claiming the PRE, what is the approximate school operating tax savings? (Assume 18 mills is the school operating rate.)
A$1,575
B$3,150✓ Correct
C$6,125
D$2,450
Explanation
The PRE exempts the principal residence from 18 mills of school operating taxes. Tax savings: $175,000 × 18/1,000 = $175,000 × 0.
Related Michigan Real Estate Math Questions
- A Michigan property sold for $195,000. The buyer paid 20% down. What is the loan amount?
- A 10,000 sq ft Michigan lot sells for $2.50 per square foot. What is the total price?
- A Michigan seller nets $285,000 after paying a 6% commission. What was the sale price?
- A Michigan home sold for $310,000. The seller agreed to pay a 5.5% commission. How much was the total commission?
- A Michigan home is purchased for $195,000 with a 15% down payment. How much will the buyer need to borrow?
- A Michigan property sold for $180,000. The seller paid $3.75 per $500 in state transfer tax. How much state transfer tax did the seller pay?
- A Michigan property is listed at $340,000 and sells for 97% of the list price. What is the sale price?
- A Michigan broker charges a 6% commission on a $390,000 sale. The listing office keeps 55% of the total commission. How much does the listing office receive?
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →