Real Estate Math
A Virginia property tax bill is $4,200 per year. If the assessment rate is $1.05 per $100 of assessed value and the property is assessed at 100% of value, what is the assessed value?
A$380,000
B$390,000
C$400,000✓ Correct
D$410,000
Explanation
Assessed value = ($4,200 ÷ $1.05) × $100 = 4,000 × $100 = $400,000. To solve this, multiply the relevant values: $4,200 and $1.05 at 100%.. The correct answer is $400,000.. This is a common calculation on the Virginia real estate exam.
Related Virginia Real Estate Math Questions
- A Virginia buyer is borrowing $350,000 at 6.5% for 30 years. Approximately what percentage of the first month's payment is interest?
- A Virginia investor purchases a rental property for $300,000. Annual NOI is $24,000. The investor requires a 9% cap rate to invest. Is this property priced appropriately?
- A Virginia agent earns a 2.5% commission on a $560,000 sale. Their brokerage keeps 40%. What does the agent net?
- A Virginia buyer obtains a $400,000 FHA loan. The UFMIP is 1.75%. How much is the UFMIP?
- A Virginia property management company manages 150 units averaging $1,100/month rent. At a 9% management fee, what are their monthly management fees?
- A Virginia rental property's gross scheduled income is $60,000. Vacancy is 5% and operating expenses are $22,000. What is the Net Operating Income?
- A Virginia rental property generates $2,400/month. Annual expenses are $10,000. If the property sells for 12 times annual NOI, what is the sale price?
- A Virginia seller wants to net $300,000 after paying a 6% broker commission. What must the property sell for?
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →