Multiple Choice
Identify the letter of the choice that best
completes the statement or answers the question.
|
|
|
1.
|
Yee lives in an area where the property tax rate is $17.84 per $100 of assessed
value. The office building Yee owns is assessed at $74,000. Yee appeals his taxes and is able to
secure a reduction of $5,000 in the assessed value. Which of the following amounts will be Yee's
approximate property taxes this year?
a. | $0 | c. | $892 | b. | $12,310 | d. | $1,231 |
|
|
|
2.
|
Tim's house has a market value of $86,500 and is assessed at 30 percent of
the market value. If the tax rate in the community is 65 mills, what is the quarterly tax?
a. | $422 | c. | $1,266 | b. | $456 | d. | $1,687 |
|
|
|
3.
|
In this area properties are assessed at 44% of property paid $896 in taxes and
the rate is $9 per $1,000 of assessed valuation, what is the market value of the property?
a. | $99,556 | c. | $245,655 | b. | $186,677 | d. | $226,263 |
|
|
|
4.
|
Broker Uhi has listed a 2,400 square foot house that has been appraised at $54
per square foot. The lot has been appraised for $30,000 and properties are assessed at 30 percent.
What is the assessed value of the property?
a. | $159,600 | c. | $47,880 | b. | $ 88,400 | d. | $45,980 |
|
|
|
5.
|
Gene Nome's home has a market value of $180,000 and is assessed at 45
percent of market value. If the tax rate in his community is $3.60 per $100 of assessed value, what
is his annual tax?
a. | $2,916 | c. | $6,480 | b. | $1,964 | d. | $2,196 |
|
|
|
6.
|
Mickey Raft bought a house on September 1 and has interest expense of $3,984 for
that year. If Raft's marginal tax rate is 30%, what is his savings on his federal income tax
caused by the interest deduction?
a. | $2,788.80 | c. | $1,195.20 | b. | $1,890.50 | d. | $0 |
|
|
|
7.
|
Property tax rates are sometimes quoted as mill rates. What is the decimal
equivalent of one mill?
|
|
|
8.
|
If the tax rate in a community increased from $0.046 to $0.059 per dollar how
much additional tax would be paid on a house assessed at $135,600?
a. | $1,654.45 | c. | $1,762.80 | b. | $1,856.45 | d. | $1.954.68 |
|
|
|
9.
|
If the tax rate in a community is $3.20 per hundred of assessed value, what is
the quarterly tax on a home valued at $124,000 and assessed at 45%?
a. | $446.40 | c. | $1,785.60 | b. | $555.60 | d. | $1,845.40 |
|
|
|
10.
|
A property owner has a tax bill of $3,456 and his
neighbors tax bill is $2,875. If the millage in the community is 65, what are the assessed values of
the two properties? a. | $22,464 and $18,688 | c. | $55,330 and $42,340 | b. | $53,169 and $44,231 | d. | $32,432
and$24,654 |
|
|
|
11.
|
The true cash value of a property as determined
by the local tax assessor is $180,900. If the tax levy is 84 mills and property in this jurisdiction
is assessed at 29% of true cash value, what are the annual taxes? a. | $52,461 | c. | $4,407 | b. | $44,067 | d. | $4,704 |
|
|
|
12.
|
Taxes on a property are $4,200 and the tax rate
is 85 mills. What is the assessed value? a. | $49,412 | c. | $51,214 | b. | $50,412 | d. | $65,341 |
|
|
|
13.
|
Tom pays $545 each year in property tax on his property. If the tax rate in his
community is $4 per $1,000 of assessed valuation and property is assessed at 45% of market value,
what is the market value of his property?
a. | $136,250 | c. | $106,000 | b. | $302,778 | d. | $246,000 |
|
|
|
14.
|
In his community property taxes are paid in advance for the year running January
1-December 31 and the buyer is responsible for the day of settlement. Using a 360-day year,
and JoeLJS taxes for the year are $12,500, how much will he get back at closing if the property sells
on June 7?
a. | $5,417 | c. | $7,083 | b. | $3,456 | d. | $6,806 |
|