A NC property's assessed value for tax purposes is $320,000 and the property tax rate is $1.10 per $100 of assessed value. The annual taxes are:
Why $3,520 Is Correct
Answer B: $3,520
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
People Also Study
Related North Carolina Questions
- A North Carolina property has an assessed value of $240,000. The tax rate is $1.10 per $100 of assessed value. What is the annual tax?Real Estate Math
- A property is assessed at 80% of its $350,000 market value. The tax rate is $1.20 per $100 of assessed value. What are the annual taxes?Real Estate Math
- A property is assessed at $180,000 and the tax rate is $0.85 per $100 of assessed value. What are the annual taxes?Real Estate Math
- A home's current assessed value is $240,000 and the property tax rate is $1.10 per $100. Taxes are paid in two installments. What is each installment?Real Estate Math
- An appraiser is using the income approach to value a small apartment building. The property generates $96,000 annual gross income and has a 10% vacancy rate, operating expenses of $30,000, and a cap rate of 8%. What is the indicated value?Property Valuation
- How many hours of pre-license education are required to sit for the North Carolina broker license exam?North Carolina License Law
- How many questions are on the North Carolina real estate broker licensing exam?North Carolina License Law
- What is the minimum passing score on the North Carolina real estate licensing exam?North Carolina License Law
Key Terms to Know
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
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →