Real Estate Math

A NJ property owner received a tax bill of $11,520 for the year. The equalized assessed value is $480,000 and the assessment ratio is 100%. What is the effective tax rate per $100 of assessed value?

A$2.00

B$2.40✓ Correct

C$2.80

D$3.20

Explanation

Tax rate = Tax bill ÷ (Assessed Value ÷ 100) = $11,520 ÷ ($480,000 ÷ 100) = $11,520 ÷ 4,800 = $2.40 per $100.

Related New Jersey Real Estate Math Questions

A NJ seller's net sheet shows: sale price $580,000; broker commission 5%; attorney fee $2,500; transfer tax $2,320; mortgage payoff $310,000; other closing costs $1,800. What are the seller's approximate net proceeds?
A NJ property is listed for $385,000. After 60 days without an offer, the seller reduces the price by 3%. What is the new list price?
A NJ broker lists a property at $549,000 and the seller wants to net $490,000 after 5% commission. Did the broker set the price correctly?
A NJ homeowner who bought a property for $280,000, sold it for $450,000, and excluded $250,000 of capital gain under Section 121 (primary residence exclusion) pays capital gains tax on:
A NJ property's appraised value is $525,000. The lender will lend up to 80% LTV. If the buyer must make up the remaining 20%, how much is the down payment?
A NJ seller purchased for $190,000, made $30,000 in improvements, and sold for $285,000. What is the gain on the sale before tax considerations?
A NJ property was purchased for $175,000. It has appreciated at 4% per year. What is the approximate value after 5 years?
A NJ bank appraises a property at $410,000 for a purchase price of $430,000. The lender loans 80% of the lower of appraised value or purchase price. What is the maximum loan amount?

Practice More New Jersey Real Estate Questions

1,500+ questions covering all exam topics. Start free — no signup required.

Take the Free New Jersey Quiz →