Real Estate Math
A Mississippi property has an assessed value of $45,000 after a $7,500 homestead exemption was applied. What was the original assessed value before the exemption?
A$37,500
B$52,500✓ Correct
C$45,000
D$60,000
Explanation
Original assessed value = Assessed value after exemption + Homestead exemption = $45,000 + $7,500 = $52,500.
Related Mississippi Real Estate Math Questions
- A Mississippi commercial property has an NOI of $75,000. Using a 7.5% cap rate, the value is $1,000,000. If market cap rates compress to 6.5%, the new indicated value is approximately:
- A Mississippi property has 12 units, each renting for $650/month. Annual gross income (100% occupied) is:
- A broker sold a commercial property for $875,000 and earned a 3% commission. How much commission was earned?
- A Mississippi property sells for $175,000. The buyer makes a 20% down payment and obtains a $140,000 loan. The monthly payment at 6.5% for 30 years is approximately $885. Over 30 years, what is the total amount the buyer will pay in principal and interest?
- A buyer wants to purchase a property with a 30-year mortgage at $1,200 per month (principal and interest). If the annual interest rate is 6%, approximately how large a loan can the buyer afford? (Use factor: $5.996 per $1,000 borrowed at 6%/30 years)
- A Mississippi property has an assessed value of $60,000 and a tax rate of 120 mills. The annual tax is:
- A Mississippi property is taxed at 80 mills on an assessed value of $8,000 (after homestead exemption applied to a $15,500 assessed value). The annual tax is:
- A rectangular farm in the Mississippi delta is 1 mile wide and 2 miles long. Its area in acres is:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →