Real Estate Math
An Oklahoma property is assessed at 11% of its fair market value of $240,000. The mill rate is 85 mills. What are the annual property taxes?
A$2,244✓ Correct
B$2,040
C$20,400
D$3,000
Explanation
Assessed value = $240,000 x 11% = $26,400. Tax = $26,400 x (85 / 1,000) = $26,400 x 0.085 = $2,244. To solve this, multiply the relevant values: $240,000 at 11%.. The correct answer is $2,244.. This is a common calculation on the Oklahoma real estate exam.
Related Oklahoma Real Estate Math Questions
- An Oklahoma investor pays $550,000 for a commercial property producing $44,000 NOI. They finance it with a $400,000 mortgage at a 7.5% annual constant (debt service). What is the annual mortgage debt service?
- An Oklahoma property has a GRM of 120 and monthly gross rent of $1,750. What is the estimated value?
- A buyer wants to borrow $240,000 at 7% annual interest on a 30-year mortgage. What is the monthly interest due for the first month?
- If a lender requires a maximum DTI of 43% and the borrower's gross monthly income is $6,500, what is the maximum total monthly debt payment allowed?
- A seller wants to net $210,000 after paying a 6% commission. At what price must the home sell?
- A 30,000 square foot lot is what fraction of an acre? (1 acre = 43,560 sq ft)
- A buyer obtains a 30-year mortgage at 7% interest on a loan amount of $200,000. Using a factor of $6.65 per $1,000 borrowed, what is the approximate monthly principal and interest payment?
- A buyer obtains a $200,000 mortgage at 6.5% for 30 years. The monthly payment factor is $6.32 per $1,000. What is the approximate monthly payment?
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →