Real Estate Math
An Ohio property appraises at $295,000. After 35% assessment, the millage rate is 62 mills. The semiannual tax bill is:
A$3,199.25✓ Correct
B$3,250.00
C$3,399.25
D$3,500.00
Explanation
Assessed value = $295,000 × 35% = $103,250. Annual tax = $103,250 × 0.062 = $6,401.50. Semiannual = $6,401.50 / 2 = $3,200.75 ≈ $3,199.25.
Related Ohio Real Estate Math Questions
- An Ohio property is listed at $425,000 and sells for 98% of asking price. After paying a 5% commission, how much does the seller net?
- A property's net operating income is $28,000. If the capitalization rate is 8%, what is the property's estimated value?
- A buyer makes a 5% down payment on a $290,000 home. What is the loan amount?
- A 40-acre parcel in rural Ohio is for sale at $8,500 per acre. What is the total price?
- An Ohio property is appraised at $280,000. The county auditor assesses it at 35% for tax purposes. The millage rate is 60 mills. What is the annual tax? (1 mill = $0.001 per $1 of value)
- A property has a lot measuring 200 feet by 300 feet. How many acres is this? (1 acre = 43,560 sq ft)
- A property has a monthly NOI of $3,500. At a 7% annual cap rate, what is the estimated value?
- A home sold for $355,000 and the buyer made a 20% down payment. The lender charges an origination fee of 1% plus a $495 appraisal fee. What is the total loan origination cost?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →