Real Estate Math
A Rhode Island property has a market value of $280,000 and is assessed at 100% of market value. The tax rate is $14.50 per $1,000 of assessed value. What is the annual property tax?
A$2,900
B$4,060✓ Correct
C$14,500
D$28,000
Explanation
$280,000 / $1,000 = 280 units x $14.50 = $4,060 annual property tax.
Related Rhode Island Real Estate Math Questions
- A Rhode Island homeowner wants to refinance. Their home is worth $480,000 and they owe $300,000. What is the maximum they can borrow on a refinance at 80% LTV?
- A Rhode Island rectangular lot measures 150 feet wide by 200 feet deep. How many square feet is the lot?
- A Rhode Island home sells for $425,000. The seller's attorney fee is $1,200, the broker's commission is 5%, and the RI Realty Transfer Tax is $2.30 per $500. What are the seller's total closing costs for these three items?
- A home is listed for $260,000 and sells for $248,000. The total commission is 6%, split 50/50 between listing and buyer's broker. If the listing agent earns 55% of their broker's half, what does the listing agent earn?
- A Rhode Island home is assessed at $210,000. The assessment ratio is 70% of market value. What is the estimated market value?
- A Cranston home sells for $315,000. The buyer makes a 20% down payment and finances the remainder. What is the loan-to-value ratio?
- A seller lists at $389,000 and accepts 97% of list price. The 5.5% commission is paid on the sale price. What is the net to the seller before other closing costs?
- A Rhode Island investor purchases a property for $400,000 with a 25% down payment and obtains a mortgage for the balance. What is the loan amount?
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →