An Ohio property has an assessed value of $140,000. The local tax rate (millage rate) is 80 mills. What is the annual property tax?
Correct Answer
B) $11,200
1 mill = $1 per $1,000 of assessed value. 80 mills = $80 per $1,000. Annual tax = ($140,000 ÷ $1,000) × $80 = 140 × $80 = $11,200.
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Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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A property in Ohio sold for $275,000. The seller's agent earns a 3% commission and the buyer's agent earns a 3% commission. What is the total commission paid?
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An Ohio property closes on April 11. The seller has a mortgage with a balance of $180,000 at 5% annual interest. Interest is paid in arrears, and the seller's last payment covered interest through March 31. Using a 360-day banker's year and charging the seller for the day of closing, how much accrued interest must the seller pay off at closing?