Real Estate Math
A Utah condominium unit has an assessed value of $180,000 and is subject to a millage rate of 12 mills. What is the annual property tax?
A$2,160✓ Correct
B$1,800
C$21,600
D$1,440
Explanation
1 mill = $1 per $1,000 of assessed value. Property tax = $180,000 × (12 ÷ 1,000) = $180,000 × 0.012 = $2,160.
Related Utah Real Estate Math Questions
- A Utah agent earned $18,000 in commissions and is on a 65/35 agent/broker split. How much did the broker retain?
- A Utah property is assessed at $280,000 (after the 55% residential exemption is applied). What was the full fair market value before the exemption?
- How many square feet are in a section of land?
- If a Utah property earns $60,000 NOI and is purchased at a 5.5% cap rate, what is the purchase price?
- A seller in Salt Lake City needs to net $350,000 after paying a 6% commission and $8,000 in other closing costs. What minimum sale price must be achieved?
- A Utah broker charges a $500 transaction fee on every closed deal in addition to the commission percentage. In a month with 12 closings, how much is collected in transaction fees?
- A 30-year loan has a monthly P&I payment of $1,900. Over the life of the loan, what is the total amount paid?
- A Salt Lake City property has an assessed value of $550,000. Utah assesses at 55% of market value. What is the estimated market value?
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →