Property Valuation
A property is assessed at $180,000 and the local millage rate is 25 mills. What is the annual property tax?
A$4,500✓ Correct
B$450
C$2,500
D$45,000
Explanation
1 mill = $1 per $1,000 of assessed value. Tax = $180,000 × 25 mills ÷ 1,000 = $180,000 × 0.025 = $4,500.
Related Pennsylvania Property Valuation Questions
- An 'as-stabilized' appraisal of a Pittsburgh apartment building under construction estimates value:
- A Pennsylvania appraiser's assignment conditions for a retrospective appraisal (historical date of value) would use market data from:
- Mass appraisal techniques used by Pennsylvania county assessment offices differ from individual appraisals in that mass appraisal:
- A Harrisburg commercial property generates $120,000 NOI annually and is sold at a 8% cap rate. What is the sale price?
- An appraisal 'adjustment' for a superior feature in a comparable property is always:
- An appraiser in Pittsburgh makes a negative adjustment to a comparable sale because the comp has a feature the subject property lacks. This adjustment:
- Paired sales analysis is used by Pennsylvania appraisers to:
- The 'principle of anticipation' in Pennsylvania real estate appraisal states that:
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →