Nevada Real Estate Complete Practice Exam 2025

Question: 1 / 400

A home is valued at $92,000, with property assessed at 70% of its value and a local tax rate of $3.40 per $100. What is the owner's monthly tax amount?

$182.47

To determine the owner's monthly tax amount, we first need to calculate the assessed value of the property based on its market value. The home is valued at $92,000, and since property is assessed at 70% of its value, we multiply:

Assessed Value = Market Value × Assessment Rate

Assessed Value = $92,000 × 0.70 = $64,400

Next, we need to calculate the annual property tax using the local tax rate of $3.40 per $100 of assessed value. To find the tax rate applicable to the total assessed value, we can set up the calculation as follows:

Annual Property Tax = (Assessed Value / 100) × Tax Rate

Annual Property Tax = ($64,400 / 100) × $3.40

Annual Property Tax = $644 × $3.40 = $2,189.60

Finally, to find the monthly tax amount, we divide the annual property tax by 12:

Monthly Property Tax = Annual Property Tax / 12

Monthly Property Tax = $2,189.60 / 12 = $182.47

Therefore, the calculation confirms that the owner's monthly tax amount is $182.47, which corresponds to

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$260.67

$2,189.60

None of the above

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