Real Estate Math
A Mississippi property's assessed value is $120,000. The homestead exemption reduces the taxable assessment by $7,500. The mill rate is 90 mills. The annual property tax after the exemption is:
A$10,800
B$10,125✓ Correct
C$11,475
D$9,450
Explanation
Taxable assessed value = $120,000 - $7,500 = $112,500. Annual tax = $112,500 × 90 ÷ 1,000 = $112,500 × 0.
Related Mississippi Real Estate Math Questions
- A property has annual gross rents of $36,000, a vacancy rate of 5%, and operating expenses of $12,000. What is the net operating income (NOI)?
- A Mississippi property earns $5,200 per month in rent. The operating expense ratio is 40%. The NOI is:
- A Mississippi listing broker splits the 6% commission 50/50 with the buyer's broker. The buyer's broker keeps 70% and pays 30% to their salesperson. If the home sells for $320,000, how much does the buyer's salesperson receive?
- A home sold for $195,000. The listing broker and buyer's broker split the 6% commission equally. The listing agent receives 55% of the listing side commission. How much does the listing agent receive?
- A Mississippi property's assessed value is $95,000. If the assessment ratio is 10%, what is the estimated market value?
- A Mississippi property sells for $175,000. The listing broker's commission is 6%, split equally between listing and buyer's broker. How much does the listing broker receive?
- A Mississippi buyer purchases a home for $225,000 and makes a 10% down payment. The loan amount is:
- A Mississippi homeowner refinances their mortgage. The new loan amount is $175,000 at 5.875% for 30 years. The approximate monthly principal and interest payment (using a factor of $5.91 per $1,000) is:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →