Real Estate Math
A Montana property is assessed at $248,000 with a mill levy of 195 mills. What is the annual property tax?
A$4,836✓ Correct
B$4,960
C$48,360
D$38,000
Explanation
Property tax = Assessed Value × Mill Levy ÷ 1,000 = $248,000 × 195 ÷ 1,000 = $248 × 195 = $48,360 ÷ 10 = $4,836.
Related Montana Real Estate Math Questions
- A Great Falls property sells for $185,000. The listing broker charges 6% commission, split equally between listing and buyer's broker. What does each broker earn?
- A Montana broker manages a property with monthly gross rents of $6,800, vacancy of 5%, operating expenses of $2,200/month, and debt service of $2,100/month. What is the monthly cash flow after debt service?
- A quarter section of land contains:
- A Montana investor buys a 4-plex for $320,000. Each unit rents for $850/month. The annual gross rent multiplier (GRM) of comparable properties is 8. Is this a good purchase based on GRM?
- A property's price per square foot is $185. If the home is 1,800 square feet, what is the estimated value?
- A property has an annual NOI of $36,000 and a cap rate of 8%. What is its estimated value using the income approach?
- A half section of land is how many acres?
- A Montana buyer negotiates a purchase price of $285,000 on a home listed at $299,500. What percentage discount did they negotiate from the list price (rounded)?
Practice More Montana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Montana Quiz →