Real Estate Math
A New Mexico property has a market value of $450,000. The annual property tax rate is 20 mills. In New Mexico, residential property is assessed at 1/3 of market value. What is the annual property tax?
A$2,000
B$3,000✓ Correct
C$9,000
D$6,000
Explanation
Assessed Value = $450,000 / 3 = $150,000. Property Tax = $150,000 x 20 mills / 1,000 = $150,000 x 0.
Related New Mexico Real Estate Math Questions
- A New Mexico property generates $2,100/month in rental income. If the annual operating expense ratio is 40%, what is the monthly NOI?
- A broker charges a 5.5% commission on the sale of a $460,000 home. What is the commission amount?
- A New Mexico property is listed at $499,000 and sells for 98% of the list price. What is the selling price?
- A buyer in New Mexico puts $20,000 down and pays 1 origination point on a $200,000 loan. What is the total upfront cost excluding down payment?
- A title insurance premium is $750 on a $250,000 property. What is the rate per $1,000 of coverage?
- A salesperson earns 60% of their brokerage's 3% share on a $500,000 sale. How much does the salesperson earn?
- A New Mexico seller nets $255,000 after paying a 6% commission. What was the selling price?
- A New Mexico property sells for $475,000. The seller pays $285,000 on their loan at payoff. After a 5.5% commission and $7,500 in other closing costs, what are the seller's net proceeds?
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 →