Real Estate Math
An Ohio property appraised at $180,000 has a county auditor assessed value of 35% of appraised value. The millage rate is 65 mills. What is the annual tax?
A$4,095✓ Correct
B$4,230
C$4,680
D$5,040
Explanation
Assessed value = $180,000 × 35% = $63,000. Annual tax = $63,000 × 0.
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Key Terms to Know
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.
Capitalization Rate (Cap Rate)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.
Math Concepts
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