Real Estate Math Video #5 - How To Calculate Real Estate Taxes | Real Estate Exam Prep Videos
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- Опубликовано: 14 окт 2024
- How to calculate real estate taxes! In this real estate exam prep video we show you how to calculate real estate taxes. Calculating real estate taxes is consider a real estate math problem for your real estate exam. Calculating property taxes will most likely be a question on your real estate licensing exam. This video is part of a series of math calulation problems we've creted for our Real Estate Exam Prep Videos libruary. Key real estate terms discussed in this exam prep video is: mill levy, assessed value, appraised value and tax rate. Knowing and understanding how real estate agents calculate real estate taxes is essential for passing your real estate exam.
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Thank you
Studying for the 2nd time around
Hang in there... keep studyting... Many MANY agents had to take their exam 2, 3 or 4 times. DO NOT GIVE UP!
PLEASE PLEASE PLEASE!!! Keep up the good work! you have taken a load off of me. I AM SUBSCRIBING. Thank you🤧🤧😅😀👍👏🙏
I will... thank you for leaving a comment. Keep studying!
Personally, I found another way of understanding the second question that was easier or me to grasp onto.
If you are taxed $2.50 on every $100 of $250,000:
-first find out how many 100s go into 250,000 = 2,500 (remove 2 zeros)
-multiply the result by the $2.50 = $6,250
Hi Dustin... that's awesome. The key is you have a system that works for you. So many struggle with math... Thanks for leaving your recommendation. It will help someone out I am sure...
WOW!! Thanks!!! I now know some of what to expect the end of 2024 in this housing tax market.
You're welcome
Thank you for making these videos! They are clear and concise, and to the point. Much appreciated!
Glad you like them! Thank you for leaving a comment
Thank you so much for this video. It really helps a lot. Your videos are so concise and easy to understand.
Thank you, Sheila... I appreciate you taking time to leave us an awesome comment. Best of luck with your studies
Thank you so much! I love your videos and I know that they will help me on the exam. I also love the little details that you give that can give us the edge.
Thank you for this video! Helped me understand the mill levy quickly
You're welcome
OMG! Your videos are giving me life again. I was stressed out because I am a visual learner and couldn't grasp the math concepts. I am studying to retake my National and I am no doubt going to pass. Thanks to your breakdown and comprehensible material!! You rock!!
Thank you for the comments! I appreciate you!
you are the best teacher. Thank you so much what you are doing.
Thank you so much, you don't know how much I appreciate this. Done with nursing, it's literarily crazy out there.
So helpful! Thank you!
Thank you, I really appreciate you leaving a comment!
Thank you! I’m currently in process of getting my license. This helped me so much!
Hi Jessica... that is awesome to hear! You will smash the exam :o) KEEP studying!
Thanks Omar I’m real estate school now and we are doing this not understanding 😢but will go over this when working the math Happy New Year Thanks Blessing
😁
excellent video. easy explanation. Thank you!
Thank you! :o)
Thanks so much, I finally understand mils
You're welcome! Glad it helped! :o)
Thank you for this!!
You're welcome!
Amazing! Thank you! I love math.
You're welcome
Thanks Paul, great explanation
Thank you
Thanks, very clear and understandable.
I failed the class test because of Math I don’t know why I’m having a hard time comprehending I hope after I watch your video I’ll be fine with it !!!
Hi Luna... Just keep on studying :o)
Me too. I had 16 math questions on my exam. Very hard for me to comprehend no mater how Much I sgudyy
Keep us updated its been two years 👀
Im taking it today!
i took 250k divided in 100 then multiply the results by 2.50 which gives you 6,250.
fantastic explanation, thanks
Glad it was helpful!
Your the best
Thank you
Thank you, it help me a lot
Excellent... that's what we aim for~ Keep studying!
I’ve been just now found and looking at these videos but this will be my 4th or 5th time and I take it next Thursday last time I was 6 points away but I’m just nervous again because I don’t want to go down I want to go up and pass this finally so what videos would you mainly suggest I watch for the national I know I could learn principles of agency a little more which I’ve looked at the agency videos and I could learn finance some more and prorating taxes I watched that video but I didn’t understand how you got one part but I understood the rest of it and for the math is using the T diagram good for most of it except prorating
I hope you passed your test never give up keep going you can do it
HI, I am Andrea, I love your videos and the way you explain everything is awesome, my question is : Are your videos good for me even though I leave in Florida? Th :)ank you very much! :)
Yes, for the national side of the exam..
Taking my exam today!
You got this... You will do AWESOME!
very nice easy explanation
Thank you
Perfect explanation 💯🙌🤝
Thank you
Thank you 🙏🏼
You're very welcome
Hello, i didn't subscribe to your channel because I'm trying to become a real estate agent, i subscribed out of genuine curiosity about the processes of real estate as an heir to my father's property in oregon. I appreciate your channel, thank you for creating it. I know nothing about real estate, and finances were a taboo subject growing up. I'm going into my inheritance blind as a bat. I grew up ignorant about most financially related things and I'm trying to change that on my own so i don't inevitably lose what my father worked so hard for when i inherit it. My question is, how do i find out how my specific property's taxes are being calculated? Thank you.
yes I had a question like this. so important to know. Its always the Appraised value we put in the formula, correct? I remember on the test, they gave many different values, maybe to trick us
The exam loves to provide details that really don't apply 😀
Do they give you a calculator during exams ?
I hate paying property taxes. They are so high in Nebraska!
I really appreciate ya🎉🎉
This is so simple
Awesome
Do you have an amortization video?
No yet. Its on the list list to do sson.
So using the Valuation method, what if the value amount is not a straight 100 or 1000 - What if the Value amount is 25468?
it won't
Hello Paul, so this is one of the questions I had on the Licensing exam: Amys house appraised for 250,000 with an assessed value of 150,000. If the tax rate is .2%, what are her yearly property taxes?
I am confident i got this correct, but wanted to see your exact calculations here. Thanks
3600$
@@brandon7301 How did you get to $3600
@Monica Pattera I got $3,000
How do you figure out taxes in mills or levy without all the information?
The test question will always give you enough information to complete the math (tax calculation) problem
I have questions? What are the differences between the equalization factor and taxi rate assessed value?
Im wondering the same thing
I need help solving a problem in my CT practice and law text book.
question: Monica owns a property with an appraised value of $700,000. The tax rate is $25 per 1,000. compute her taxes.
textbook answer: $12,250
my answer: $17,500 ( I followed the formula in this video and from the textbook and still received my answer of $17,500)
is the textbook incorrect or am I solving the question wrong?
I have a sale price and I can assess the value but there’s nothing else in the problem to indicate what the tax rate might be? No mills, no price per dollar amount?
Thank 😊you
There's a question that has a properties assessed value to be $65k and using Homestead tax Exemption I couldn't find a way to pro rate the exemption amount as all the info i get is it's between $50k and $75k. But on the answer sheet it shows the exemption to be 15k and i can not for the life of me figure out why
Homestead exemptions are very state specific and vary greatly between states. You will need to find out what your state specific rules are. WHomestead Exemptions are not on the National Portion of the exam...
here is the question that I needed help with as follows: A 92.000$ property has its 22.000$ lot assessed at full value while the house and improvements are assessed at 50%. What are the semi-annual taxes if the school tax rate is 43 mills and the county tax rate is 22 mills?
$1462 + $748 = $2,210
trying to figure out how much tax will be on a new purchase of $460K, last yrs assessed value $206K
What is the rate of taxation?
Thanks
Your welcome
Can you explain "A building valued at $105000 is assessed at 35% of it's value, and taxed at the rate of 66 mills. One mill 1/4 1/10 of one cent? What is the quarterly tax rate?" I dont understand the One mill 1/4 1/10 of one cent? part...thanks so much 😁
$606.38...
Nice
Thank you!
Question: Michael paid $385,000 for his home, which now has an assessed value of $392,000. His tax rate is 0.51%. ho much will his monthly taxes be ?? A) 163.62 B) 166.60 C)186.52 or D) 297.50........im in need of the formula
There seems to be a value missing to complete this question...
I think is B, you multitply $392,000 which is the asessed value X Tax rate 0.51% which give you= 1,999.2 and it says montly so you divide that by 12= 166.6
I hope B is the right answer lol
If the appraisal value is by %, how I calculated
Hi Jennie. What exactly do you mean? This video explains how to calculate taxes based on a certain $ amount per $100 of value or $1,000 of value. This method will include a tax rate or % of value.
A buyer has a 15-year, $250,000 loan with a 5.5% interest rate. How much of the first monthly payment is interest?
$2,042.71 is the total payment.
Principle is $896.88
Interest is $1,145.83
Across your first 28 payments the principle payment will increase by roughly $4 every payment. After 28 payments you will be increasing roughly $5/payment every month.
Be careful if you refinance as this amortization resets.
assessed value is for property tax, not appraised
A house is appraised for $25,000, and shows an assessed value of $20,000. The taxes on the house are $300 annually. What would the tax be on a house that is appraised at $45,000, with an assessed value of $40,000?
Whats the answer?
@@jparekh18 .......600 Annually?
@@brandon7301 may I ask how you came to that number?
@@jparekh18 did anyone send a solution?
Does the first house have anything to do with the 2nd house?
Using this scenario, how would you calculate $2.50 per $10,000 of value? or per $5,000 of value?
We didn’t have anything like this on the Ks exam.
I took the kansas exam and i did have atleast one questions about mills
What if it was per $500?
Here in Nevada, I had a multiple choice question on a practice final exam:
*The monthly taxes on a property are $400. If the tax rate is $4 per $100 of assessed value, what is the assessed value?*
the choices are:
A. $480,000 B. $100,000 C. $120,000 D. $192,000
So apparently, the correct answer is C. I don't know how they got the answer and the question itself doesn't even make sense to me. If anybody knows how to solve this step by step, I'd be very appreciative. I'm thinking they might have made an error...
Hi Kevin... C. $120,000... take $400 monthly taxes x 12 months = $4,800 annual taxes... Take $4,800 annual taxes / .04 (convert $4 per $100 to .04) = $120,000
What if it's per 1200 or 1250? Do you still move it by the amount of 0s or what is behind the 1st number?
Property taxes are out of control
Yes that are
Seems like the textbook was wrong... Only way to get $12,250, the tax rate would need to be $17.50...
Yep, have to pay your property taxes.
i’m still confused
Anyone who needs an in-depth explanation of how to take 50% of a number should not be a realtor.
;o)
Nebraska is the worst for property taxes. My word it is terrible here.
I can't disagree....
That is some advance third grade math !
Indeed it is 😀
what if in the same format as the last question it says full cash value instead of assessed value? I'm doing the exact thing youre doing but getting an answer different than the answer key (maybe answer key is wrong?)
The tax on an owner occupied residential property is $8.50 per 100 of assessed value. The full cash value of the property is $60,000. What would the taxes be for a half year.
I'm getting $2,555 but the book is saying $255. Am i right?