Real Estate Math
A Nebraska property's assessed value is $185,000, the homeowner qualifies for a $50,000 homestead exemption, and the mill rate is 20. What are the annual taxes?
A$2,700✓ Correct
B$3,700
C$3,000
D$4,000
Explanation
Taxable value = $185,000 − $50,000 = $135,000. Tax = $135,000 × (20 ÷ 1,000) = $135,000 × 0.
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Key Terms to Know
Capitalization Rate (Cap Rate)
A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
State-Specific Concepts
Homestead Exemption
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