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The county property appraiser has assigned an assessed value of $117,500. The property is homesteaded. The county charges the following millage rates: city 10 mills, county 10 mills, and school district 6 mills. Calculate the property taxes.
The answer is $1,905. $117,500 assessed value - $50,000 homestead exemption = $67,500 taxable value; $67,500 × .026 mills = $1,755 taxes due; $25,000 additional exemption × .006 school board mills = $150 additional taxes due; $1,755 + $150 = $1,905 total taxes due
Your principal asks for help with a mortgage problem. His mortgage balance is $20,000 on June 1, and the monthly payments for principal and interest are $161, payable on the last day of each month. What will your principal's mortgage balance be on September 1 if the interest rate is 9%?
The answer is $19,966.75. $20,000 × 9% interest = $1,800 annual int. ÷ 12 months = $150 interest month 1; $161 - $150 = $11.00 principal paid month 1; $20,000 - $11 = $19,989 unpaid balance; $19,989 × 9% interest = $1,799.01 ÷ 12 months = $149.92 interest month 2; $161 - $149.92 = $11.08 principal paid month 2; $19,989 - $11.08 = $19,977.92; $19,977.92 × 9% interest = $1,798.01 ÷ 12 months = $149.83 interest month 3; $161 - $149.83 = $11.17 principal paid month 3; $19,977.92 - $11.17 = $19,966.75 mortgage balance Sept. 1
The scheduled date for closing a duplex is June 15. Rent collected on the first of each month is $600 per unit. Day of closing belongs to the buyer. How will the proration be entered on the closing statement?
The answer is $640 debit seller; $640 credit buyer. $600 × 2 units = $1,200 monthly rent; $1,200 ÷ 30 days = $40 per day; $40 × 16 days belong to buyer = $640; Entered on closing statement; $640 debit seller; $640 credit buyer
Some years ago, a couple built their home for $70,000 on a lot that cost them $30,000. If building costs have doubled and lot prices have increased 300%, how much has their original investment of $100,000 appreciated?
The answer is 160%. $70,000 home × 2 = $140,000 home; $30,000 lot × 300% = $90,000 amount of increase + $30,000 original cost = $120,000; $70,000 + $90,000 = $160,000 profit; $160,000 profit ÷ $100,000 cost = 1.6 or 160%
A home sold for $108,400. The buyers paid $18,400 down, assumed a recorded mortgage of $72,000, and gave the sellers a new second mortgage in the amount of $18,000. How much will the buyers pay for state taxes resulting from these financial arrangements?
The answer is intangible tax $36; documentary stamp tax $315. $18,000 second mortgage × .002 rate = $36 intangible tax; $18,000 note ÷ $100 increments =180 taxable increments; 180 × $.35 = $63 doc stamps on note; $72,000 ÷ $100 increments = 720 taxable increments; 720 × $.35 = $252; $252 + $63 = $315 doc stamps on note
A multifamily residential investment property is appraised at $235,000. Land value is 20% of the total appraised value. Calculate the annual depreciation deduction. (Round to the nearest dollar.)
The answer is $6,836. $235,000 × .80 = $188,000 depreciable basis; $188,000 ÷ 27.5 years = $6,836.36, or $6,836 rounded annual depreciation deduction
A home has been assessed by the county property appraiser at $116,000. The property is homesteaded. The city, county, and school board district each charge 10 mills for a total millage rate of 30 mills. How much is saved by the homestead exemption?
The answer is $1,250. $25,000 × .030 mills = $750 savings; $25,000 × .020 mills = $500 savings; $750 + $500 = $1,250 total savings
What is the net operating income for a property that produces a potential gross income of $26,750, has fixed operating expenses of $8,350, has a mortgage payment of $11,100, and has a reserve for replacements of $450?
The answer is $17,950. $26,750 PGI - ($8,350 fixed expense + $450 reserves); $26,750 PGI - $8,800 operating expense = $17,950 NOI
A seller sold his home and agreed to a June 16, 20XX, closing date. The last day for which interest was paid on the $105,500 remaining balance of the 8%, 30-year conventional mortgage was April 30, 20XX. If the total monthly mortgage payment was $774.14, what amount of prorated mortgage interest would appear on the closing statement as a debit to the seller? (Use the 365-day method of proration and charge the day of closing to the buyer.)
The answer is $1,063.52. Seller owes 31 days in May + 15 days in June = 46 days; $105,500 mortgage balance × .08 = $8,440 ÷ 365 = $23.12 interest per day; $23.12 × 46 days = $1,063.52 debit
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