A seller in Lorain County, Ohio (full county permissive fee) receives a net proceeds check of $142,000 after paying a 6% commission, $3,500 in closing costs, and the conveyance fee. What was the approximate sale price?
Correct Answer
D) $155,000
Let sale price = P. Seller receives: P - 0.06P - $3,500 - (P/1000 × $1.30) = $142,000. Simplify: P(1 - 0.06 - 0.0013) - $3,500 = $142,000. P × 0.9387 = $145,500. P ≈ $155,000. Verify: Commission = $9,300, conveyance fee = $201.50, total deductions = $9,300 + $3,500 + $201.50 = $13,001.50. Net = $155,000 - $13,001.50 = $141,998.50 ≈ $142,000.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Oh Property Tax Assessment Question
Background Knowledge for Oh Property Tax Assessment
Real World Application in Oh Property Tax Assessment
Common Mistakes to Avoid on Oh Property Tax Assessment Questions
Related Topics & Key Terms
Key Terms:
More Oh Property Tax Assessment Questions
David builds a new addition to his home in Medina County, Ohio. The addition increases his home's market value by $60,000. When will this new construction be reflected in his property tax assessment?
A city in Ohio wants to incentivize development of a blighted downtown area. The city establishes a Tax Increment Financing (TIF) district. Under Ohio's TIF rules, which statement is MOST accurate?
In Ohio, property taxes fund various local services. Which of the following receives the LARGEST share of property tax revenue in most Ohio communities?
Angela, an Ohio real estate agent, is explaining property taxes to her buyer client. The client asks who is responsible for establishing CAUV values on agricultural land in Ohio. Angela correctly responds that CAUV values are established by:
In Ohio, the term 'ad valorem' in the context of property taxes means:
- → Sarah is purchasing a home in Ohio and asks her agent about property taxes. In Ohio, property taxes are paid:
- → In Ohio, if a property owner fails to pay property taxes, a penalty is imposed. When does Ohio begin adding penalties and interest to delinquent property taxes?
- → Kevin, a new real estate agent in Ohio, is explaining property taxes to a first-time buyer. He correctly states that Ohio real property is assessed at what percentage of market value?
- → In Ohio, the purpose of House Bill 920 (tax reduction factors) is to:
- → James, a 40-year-old permanently and totally disabled Ohio resident, wants to apply for the Homestead Exemption. His annual income is $34,000. Which statement about James's eligibility is MOST accurate?
- → A condominium in Montgomery County, Ohio has a market value of $140,000. Ohio assesses at 35%. If the owner's total annual property tax is $3,430, what is the effective millage rate on the assessed value?
- → In Ohio, the reappraisal of all real property on a full sexennial cycle means properties are fully reappraised every:
- → In Ohio, which governing body has the authority to place a property tax levy on the ballot for voter approval?
- → In Ohio, the sexennial reappraisal of all real property is conducted by which entity?
- → An Ohio property has a market value of $160,000. If Ohio assesses property at 35% of market value and the local school district levies 50 mills, how much of the annual tax goes to the school district?
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam