Real Estate Math
A Wisconsin home originally purchased for $200,000 is assessed at 80% of market value. The mill rate is 25 mills. What is the annual property tax?
A$3,000
B$3,500
C$4,000✓ Correct
D$4,500
Explanation
Assessed value = $200,000 × 80% = $160,000. Tax = $160,000 × 25/1,000 = $160,000 × 0.025 = $4,000. To solve this, multiply the relevant values: $200,000 at 80%.. The correct answer is $4,000.. This is a common calculation on the Wisconsin real estate exam.
Related Wisconsin Real Estate Math Questions
- A Wisconsin 40-acre parcel sells for $3,200/acre. What is the total sale price?
- A Wisconsin salesperson sold $3,500,000 in production last year. Their broker pays 55% to the agent on a 5% commission rate. How much did the salesperson earn?
- A Wisconsin duplex has two units each renting for $950/month. After a 7% vacancy factor and $12,000 annual expenses, what is the annual NOI?
- A Wisconsin property has a market value of $275,000 and is assessed at 100% of market value. The mill rate is 22 mills. What is the annual property tax?
- A Wisconsin lot measures 150 feet wide by 200 feet deep. How many acres is the lot?
- A Wisconsin buyer obtains a $200,000 mortgage at 5.5% for 30 years. If the monthly payment is $1,136, what is the principal portion of the first payment?
- A Wisconsin commercial tenant pays $18 per square foot per year for 2,500 square feet. What is the monthly rent?
- A Wisconsin seller's property is assessed at $165,000 and the assessment ratio is 90% of market value. What is the estimated market value?
Practice More Wisconsin Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wisconsin Quiz →