Real Estate Math
A New Mexico property has a market value of $390,000. It is assessed at one-third of market value. The tax rate is 25 mills. What is the annual tax?
A$2,250
B$3,250✓ Correct
C$9,750
D$3,000
Explanation
Assessed value = $390,000 / 3 = $130,000. Tax = $130,000 × 25/1,000 = $130,000 × 0.
Related New Mexico Real Estate Math Questions
- A mortgage has a monthly payment of $1,450, including $950 interest and $500 principal. What is the outstanding loan balance if the next month's interest is $945.25?
- A New Mexico seller accepts an offer of $315,000. The loan payoff is $185,000, and closing costs are $8,000. The commission is 6%. What are the seller's net proceeds?
- A New Mexico 8-unit building has a gross income of $9,600/month. Vacancy is 5%, expenses are 38% of EGI. What is the annual NOI?
- A New Mexico property is listed at $325,000. The buyer offers 92% of list price. What is the offer amount?
- A New Mexico apartment complex has a gross rent multiplier of 9 based on annual income. If the complex sells for $900,000, what is the annual gross income?
- A New Mexico investor pays $650,000 for a commercial building and expects an 8% cap rate. After 3 years, if the cap rate remains at 8% and the NOI increases by 10%, what would be the new estimated value?
- A New Mexico property sells for $315,000. The NM Real Estate Transfer Tax is $1.50 per $500 of sales price. The seller pays transfer tax on the full price. What is the transfer tax?
- A New Mexico investor buys a duplex for $320,000. Each unit rents for $1,200/month. What is the annual gross rent multiplier (GRM)?
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →