David Saks

A commercial lot is assesed at 60 thousand dollars.

The tax rate has been established to reflect $15.55 per $1000 of assessed valuation.

What is the amount of the property tax ?

Take your time. The answer is posted below the wildlife photograph.

A. $933

If the property's assessed value is 60 thousand dollars, multiply 60 (each thousand dollar increment per $1000 of assessed valuation) times $15.55 for a total of $933.

A broker has 1.87 acres of land listed with himlisted with him for sale at 22.50 per square foot.

What was the total selling price of the acreage ?

Take your time. The answer is posted below the wildlife photo ?

A. $1,832,787

We know that there are 43,560 square feet in an acre of land, so multiply 43,560 times the total acreage of 1.87 to find that there is a total of 81,457.2 square feet.

Multiply 81,457.2 times 22.50 per square foot to find the selling price of $1,832,787

What are the two most important factors to be considered when determining the tax rate ?

This is a real toughy, so make sure you take your sweet time and think it over real carefully before you scribble your answer down on your scrap paper.

A. The assessed value of the property and the tax millage.

The assessed value of the property represents a percentage of the appraised value of the property as considered by the assessor of property for your county.

When we consider millage, millage is one-tenth of a cent and is the measure used to state the property tax rate.

A tax rate of one mill on the dollar is the same as a rate of one-tenth of one percent of the assessed value of the property.

A  business property valued at $1,000,000 should return a monthly income of what amount if the annual investment income represents 16% on the total earnings yearly?

Take your time. The answer is posted below the wildlife photogtraph.

A. $13,333.33 monthly income.

Multiply 16% times 1,000,000 to get the yearly income amount of $160,000 and divide that nimner by 12 or twelve months and we see that we get a total monthly income of $13,333.33.

A commercial lot is rectangular and has a frontage of 760 feet and a depth of 500 feet.
How many acres does the lot contain ?
Please take your time. The solution posted below the wildlife photo.

A. 8.72 acres

760 ft
*
500 ft
=
380000 square feet
/
43560 square feet (number of square feet in an acre)
=
8.7236 acres or rounded 8.72

What would a property be worth if the net return is $9500 per month and the yearly earning is 8% return on the investment ?
Please take your time. The solution is posted below the wildlife photograph.

A. $1,425,000

9500 monthly
*
12 months
=
114000 yearly
/
0.08 rate of return
=
$1,425,000 property value with 8% rate of return.

In a twelve unit apartment building, three units rented for $1000 per month each, two of the units rented for $1250 each per month, and one of the units rented for $1500 per month.
The rest of the units, six of them, were efficiencies and rented for $650 per month.
What was the gross annual income ?
Please take your time. The solution is posted below the wildlife photograph.

A. $130,800 annual gross income

1000
*
3 units
=
3000

1250
*
2 units
=
2500

1500
*
1 units
=
1500

650
*
6 units
=
3900

3000
+
2500
+
1500
+
3900
=
10900 monthly
*
12 months
=
130800 annual gross income

What is the area of a square-acre lot in terms of feet on each side ?
Take your time. the solution is posted below the wildlife photo.

A. 208.7 feet on each side

If there are 43,560 square feet in an acre take out your calculator and put 43,560 square feet (the number of square feet in an acre) into the number field , hit the square root funtion and get 208.71032557111303591192697393256 (extreme) or 208.7 feet per side.

How many section comprise a township ?

Please take your time. The solution is posted below the wildlife photo.

A. 36 sections

36 sections = 1 township (6 miles long and 6 miles wide) each section equals one square mile.

Remember that a township is part of a territorial subdivision

How many acres are there in a township section ?
Please take your time. The solution is poste below the wildlife photo.

A. 640

640 Acres = 1 Section

Also remember that there are 36 sections in a township. A township is a territorial subdivision which is six miles long, six miles wide, contains thirty six sections with each section being one mile square.