Homework Help: Real Estate Finance

Posted by tmouery on Monday, November 26, 2012 at 2:24pm.

A home is valued at $175,000. Property in the area is assessed at 35% of its value, and the local tax rate is $3.85 per $100. What is the amount of annual tax paid on the home?

Real Estate Finance - Ms. Sue, Monday, November 26, 2012 at 2:41pm
174,000 * 0.35 = 60,900

(60,900 /100) * 3.85 = ?
Real Estate Finance - tmouery, Monday, November 26, 2012 at 3:34pm
$2,358.12
Real Estate Finance - Ms. Sue, Monday, November 26, 2012 at 3:38pm
I get a little different answer.
Real Estate Finance - tmouery, Tuesday, November 27, 2012 at 10:09am
I see what you did. The loan amount was $175,000, you used $174,000.

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