$395,000

778,000 + 7,000 = 785,000

785,000 - 378,000 = 407,000

407,000 - 12,000 = 395,000 A town has a total assessed valuation of $32,000,000 and exemptions of $7,000,000. What is the tax base?

$39,000,000

$25,000,000

$32,000,000

$29,500,000 A town has a tax base of $88,000,000 and a total assessed valuation of $99,000,000. What is the total amount of the town's tax exemptions?

$9,000,000

$11,000,000

$187,000,000

$1,100,000 $36,500

150,000 x .05 = 7,500

7,500 + 6,000 + 100,000 = 113,500

150,000 - 113,500 = 36,500 A property is being appraised using the income capitalization approach. Annually, it has an estimated gross income of $48,000, vacancy and credit losses of $3,600, and operating expenses of $15,000. Using a capitalization rate of 8%, what is the property's value (rounded up to the nearest $1,000)?

$413,000

$368,000

$340,000

$600,000 $431,500

490,000 - 100,000 = 390,000

390,000/40 = 9,750

9,750 x 6 = 58,500

490,000 - 58,500 = 431,500 $26,600

1800 x 12 = 21,600

325,000 - 200,000 = 125,000

125,000 x .04 = 5,000

21,600 + 5,000 = 26,600 If a hotel has an annual Net Operating Income of $812,000 at a 9.35% cap rate, what is its current value (to the nearest thousand)?

$7,592,000

$9,350,000

$8,684,000

$6,767,000 $3,712.50

330,000 x .05 = 16,500

16,500/2 = 8,250

8,250 x .55 = 4,537.50

8,250 - 4,537.50 = 3,712.50 $1,353,500

9 x 14,800 = 133,200

133.200 x 12 = 1,598,400

1,598,400 x .14 = 223,776

1,598,400 - 223,776 = 1,374,624

1,374,624 - 21,000 = 1,353,500