Real Estate Math
An Oklahoma property with a market value of $265,000 is assessed at 11%. The mill rate is 78.5 mills. What are the annual taxes?
A$2,281.48✓ Correct
B$2,285.00
C$2,279.48
D$2,300.00
Explanation
Assessed value = $265,000 x 11% = $29,150. Tax = $29,150 x 0.0785 = $2,288.28.48 (minor rounding in question). Exact: $29,150 x 0.0785 = $2,288.28.
Related Oklahoma Real Estate Math Questions
- A property has a land value of $45,000 and improvements value of $185,000 (before depreciation). Physical depreciation is estimated at 15%. What is the depreciated improvement value?
- Property taxes for a year are $3,600. The property closes on April 30. Using a 365-day year, how much are the seller's prorated taxes (Jan 1 - Apr 30 = 120 days)?
- A commission of 6% is earned on a $275,000 sale. The listing and selling brokers split the commission 50/50, and the selling agent receives 60% of the selling broker's share. How much does the selling agent receive?
- An Oklahoma investor buys a duplex for $185,000. Monthly gross rent per unit is $900. What is the annual GRM for this property?
- A house has 1,800 square feet of living space and sold for $270,000. What is the price per square foot?
- A property generates monthly gross rents of $3,600. Annual operating expenses are $18,000. What is the annual net operating income (NOI)?
- A homeowner in Oklahoma City borrows $45,000 with a home equity loan at 8% simple interest for 1 year. What is the total interest paid?
- A property in Oklahoma has a potential gross income of $72,000. Vacancy and collection loss is 6%. Operating expenses are $18,500. What is the NOI?
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →