Real Estate Math
A North Dakota property has a tax assessment of $220,000. The mill rate is 85 mills. What is the annual property tax?
A$18,700✓ Correct
B$1,870
C$22,000
D$2,200
Explanation
Property tax = Assessed value × Mill rate ÷ 1,000 = $220,000 × 85 ÷ 1,000 = $220,000 × 0.085 = $18,700.
Related North Dakota Real Estate Math Questions
- A North Dakota investor's annual before-tax cash flow is $18,000 on a $300,000 property purchased with $60,000 down. What is the cash-on-cash return?
- A Fargo home sells for $310,000. The listing broker charges a 6% commission. How much is the total commission?
- A property has a NOI of $45,000 and sells at a 7.5% cap rate. What is the sales price?
- A buyer puts 20% down on a $280,000 home. What is the down payment?
- A North Dakota investment property has a gross income of $60,000, a 10% vacancy rate, and operating expenses of $18,000. What is the net operating income?
- A property was assessed at 80% of its $250,000 market value. The mill rate is 30 mills. What is the annual property tax?
- A home sold for $240,000. The listing broker and buyer's broker split the 6% commission equally. How much did each broker receive?
- A North Dakota homeowner's insurance premium is $1,440 per year. At closing, the seller has prepaid the entire annual premium, and the buyer assumes coverage from the closing date (July 1). How much does the buyer owe the seller for the prepaid premium (using a 360-day year)?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →