Real Estate Math
An Oklahoma property has an assessed value of $45,000 (after assessment ratio) and the mill rate is 85 mills. What is the annual property tax?
A$3,825✓ Correct
B$382.50
C$52,941
D$4,500
Explanation
Property Tax = Assessed Value × (Mill Rate ÷ 1,000). $45,000 × (85 ÷ 1,000) = $45,000 × 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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