Real Estate Math
A property's assessed value is $180,000. The tax rate is 45 mills. What is the annual property tax?
A$810
B$1✓ Correct
C$4,050
D$81,000
Explanation
Property tax = Assessed value x Mill rate / 1,000 = $180,000 x 45 / 1,000 = $8,100. One mill = $1 per $1,000 of assessed value.
Related Ohio Real Estate Math Questions
- A property has monthly rents of $3,800. At a 7.5% annual cap rate, what is the estimated property value?
- An Ohio property's assessed value is $84,000. The millage rate is 75 mills. What is the annual property tax?
- A seller wants to net $200,000 after paying a 6% commission. What must the property sell for?
- A salesperson is paid 55% of the commission earned by the broker. The broker earns $14,000. How much does the salesperson receive?
- A 30-year mortgage for $200,000 at 7% has a monthly payment of approximately $1,331. After 12 months, roughly how much principal has been paid if interest was $13,952?
- An Ohio seller owes $195,000 on their mortgage. The property sells for $285,000. After a 5.5% commission, what are the seller's net proceeds before other closing costs?
- A house appreciates at 4% per year. If it is worth $300,000 today, what will it be worth in 3 years?
- A property is listed for $265,000 and sells for $252,000. What is the sale price as a percentage of the list price?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →