NYREI Session 15 question with complete solution graded A+ 2023 passed

NYREI Session 15 question with complete solution graded A+ 2023 passedSam's house had $180k market value, assessment is 60%. What is the assessed value? - correct answer 180,000 x .6 = 108,000 AD Valorem taxes are based of a property's - correct answer Assessed value a) Appraised value b) Assessed value c) Market price d) Sale price How is property tax rate percent determined? - correct answer tex levy AD Valorem - correct answer tax on real estate based off of assessed value Tax Levy - correct answer amount city needs to get from real estate tax ($budget-$revenue) Tax Rate - correct answer $tax levy/$value of all real estate Sam's house is worth $300k, assessment is 45%, tax is 5%. What is Sam's annual real estate tax? - correct answer 300,000 x .4 x .05 = $7,200 Pam's house is worth $200k, assessment is 50%, tax is $5 per $100 of value (5%). What is Pam's semi annual real estate tax? - correct answer 200,000 x .5 x .05 = $5,000/2 = $2,500