Real Estate Math
If a home in Raleigh has an assessed value of $420,000 and the county millage rate is 8 mills, what is the annual property tax?
A$3,360✓ Correct
B$4,200
C$336
D$2,100
Explanation
1 mill = $1 per $1,000 of assessed value. Tax = $420,000 x 0.
Related North Carolina Real Estate Math Questions
- Using the 28% front-end ratio, a buyer with a gross monthly income of $7,500 can qualify for a maximum monthly housing payment (PITI) of:
- A NC homeowner paid $265,000 for their home 8 years ago. It is now appraised at $355,000. The percentage increase in value is approximately:
- A commercial property in NC generates annual NOI of $120,000. Similar properties sell at a 6.5% cap rate. What is the estimated market value?
- A NC property generates $3,600/month gross rent with an 8% vacancy rate. Annual operating expenses are $14,400. What is the annual NOI?
- A home in Charlotte sells for $490,000. The seller pays a 5.5% brokerage commission and $3,200 in other closing costs. What are the seller's total transaction costs?
- An investor in NC buys an office building for $1,200,000 with a 25% down payment. The mortgage loan amount is:
- A property with an NOI of $93,600 and a cap rate of 7.8% has an estimated value of:
- A homebuilder in NC builds homes for $180 per square foot. A 2,400 sq ft home would cost to build:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →