Real Estate Math
A Queens property is assessed at $340,000. The county tax rate is $9 per $1,000 and the city rate is $11 per $1,000. The total annual property tax is:
A$3,060
B$3,740
C$6,800✓ Correct
D$5,000
Explanation
Total rate = $9 + $11 = $20 per $1,000. Annual tax = $340,000 × ($20/$1,000) = $340,000 × 0.
Related New York Real Estate Math Questions
- A Harlem building with 8 units each at $1,800/month rent has an annual operating expense ratio of 45%. The annual NOI is:
- If a property's NOI is $55,000 and the cap rate is 7%, the indicated value is:
- A building has 10,000 square feet of rentable space. It is 90% occupied. The rent is $25 per square foot per year. What is the effective gross income from rent?
- Calculate the NY State Transfer Tax on a $750,000 sale. (NY Transfer Tax = $2 per $500 of consideration.)
- A broker earns a 5% commission on a $740,000 sale. If the commission is split 60/40 between the listing and selling offices, how much does the listing office receive?
- A salesperson earned $28,000 in commissions last year, which was 40% of her gross production. What were her gross commissions (before her split with the broker)?
- A $375,000 mortgage at 6% for 30 years has a monthly payment factor of $5.996 per $1,000. What is the monthly payment?
- A property in Buffalo is purchased for $150,000 and the owner makes $30,000 in improvements. If it then sells for $210,000, what is the owner's profit (ignoring closing costs)?
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →