Real Estate Math
A Rhode Island property has an assessed value of $195,000. The property tax rate is $14.20 per $1,000 of assessed value. What is the annual property tax?
A$2,355
B$2,589
C$2,769✓ Correct
D$3,900
Explanation
Annual property tax: $195,000 × ($14.20 ÷ $1,000) = $195,000 × 0.01420 = $2,769. Using the values given ($195,000, $14.20), apply the appropriate formula.. The correct answer is $2,769.. This is a common calculation on the Rhode Island real estate exam.
Related Rhode Island Real Estate Math Questions
- A buyer in Rhode Island pays $380,000 for a home. Two years later, it is appraised at $418,000. What is the percentage increase in value?
- A Rhode Island property is assessed at 80% of market value and the market value is $350,000. What is the assessed value?
- A Rhode Island property sells for $425,000. The commission is 5%. What is the total commission paid?
- A Rhode Island property manager charges a 10% management fee on a property with monthly gross rents of $8,500. What is the monthly management fee?
- A Rhode Island property has an annual property tax of $6,000 and was assessed at $300,000. What is the tax rate per $1,000 of assessed value?
- A Rhode Island commercial property has a 7% cap rate and generates $105,000 in annual NOI. What is the property's value?
- A buyer's annual income is $90,000. Under conventional lending guidelines (28% front-end ratio), what is the maximum monthly housing payment (PITI)?
- 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 →