Calculating property taxes is an essential real estate math question that you may encounter on your real estate licensing exam. Each county or jurisdiction will calculate property tax based on the assessed value of the property.
You’ll need to know a few things in order to solve this real estate math problem:
If the annual tax rate for a property is $2.10 per $100 of assessed value, what are the annual taxes for a property assessed at $345,000.
The solution to this real estate math problem is:
Taxes = Assessed Value x Tax Rate
$345,000 x $2.10 / $100 = $7,245
If you’d like more practice with real estate taxes, download our “125 Real Estate Math Problems Solved!” Click here to get access to 125 real estate math practice problems.
Categories Real Estate Math, Real Life Real Estate MathWelcome to EZ Real Estate Math! I started this website to help aspiring real estate agents get better at real estate math for a couple reasons:
1) You need it to pass your real estate licensing exam!
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I’m a real estate broker in Virginia and sold over $10M in real estate last year, so all my examples are from real life. I believe real estate is a great profession to help people and make great money at the same time and I’m committed to helping your succeed!
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Practice on 125 Real Estate Math Problems with complete solutions and full video explanations on 9 Real Estate Topics
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