Webinar - math

A property in Freeport, Illinois closed on August 20th for $189,900. The local transfer tax in Freeport is $4.00 per $1,000. What is the total transfer tax to be paid on this property?

$189,900 (Sales Price) divided by 1,000 = 189.90 189.9 X $4.00 = (Local Transfer Tax) $759.60 $189,900 divided by 500 = 379.80 379.80 x $.50 = (State Transfer Tax) $189.90 379.80 X $.25 = (County Transfer Tax) $94.95 Total Transfer Tax = $1,044.45

he purchase price of a property was $339,500. The buyer is obtaining a 90% loan for 30 years at 4.15% APR. The lender has quoted the buyer 1.75% discount points to secure the loan. How much will the buyer pay in discount points?

$339,500 X .90 = $305,550 $305,550 X .0175 = $5,347.13

A property located in Champaign, Illinois is sold for $289,500 and closes on November 17th. For tax purposes, the property's fair market value was $295,000. The tax rate for the property was $8.52 per $100 of value. The equalization factor on the property was 96%. What is the amount of the prorated taxes on the property for the current year?

-Taxable Fair Market Value $295,000 X .3333 = $98,323.50 (Assessed Valuation) -$98,323.50 X .96 (Equalization Factor) = $94,390.56 (Equalized Assessed Valuation) -$94,390.56 divided by 100 = 943.91 -943.91 X $8.52 (Tax Rate) = $8,042.11 (Total Annual Taxes)

How many sf in an acre

43560

The seller prepaid the property taxes for the current year on January 1st. How much would the buyer owe the seller for prepaid taxes if the taxes were $6,832.00 and the closing occurred on June 20th?

6,832.00 divided by 12 months = $569.34 per month $569.34 per month x 6 full months = $3,416.04 $569.34 divided 30 days = $18.98 per day $18.98 per day X 10 days = $189.80

A commercial property contains 9,800 square feet of lease space. The property leases for $0.33 per square foot per month. The expenses are $2,380.00 per month. The capitalization rate is 4.25%. What is the value of the property based on the income approach?

9,800 sq. ft. X $.33 = $3,234.00 (Monthly Gross Income) $3,234.00 X 12 months= (Annual Gross Income) $38,808.00 $2,380.00 (Monthly Expenses) x 12 = (Annual Expenses) -28,560.00 Annual Net Income $10,248.00

How do you find area

L * W

What are the taxes on a property with a fair market value for tax purposes of $338,000 with an assessed valuat

Taxable Fair Market Value $338,000 X .28 = $94,640.00 (Assessed Valuation) $94,640.00 X .062 = $5,867.68 (Taxes)