Acreage
- An acre of land has a width of 330 feet. If this acre of land is rectangular in shape, what is its length? (Each acre contains 43,560 square feet.)
Solution Step 1 — An Acre has 43,560 square feet
Solution Step 2 — If Length x Width = Area then Length = Area/Width Calculation = Length = 43,560/330 = 132 feet
Answer: 132 foot long lot
- If a parcel of land contains 32,670 square feet, what percent of an acre is it?
Solution Step 1 — 43,560 square feet in an Acre
Solution Step 2 Part of Area divided by the Total Area = % area
Calculation 32,670 square feet / 43,560 = 75% of an acre
Answer: 75% of an acre
Square Footage
- A rectangular lot measures 185 feet by 90 feet. How many square feet does this lot contain?
Solution Step 1 = Length x width = Area
Calculation = 185 x 90 = 16,650 square feet
Answer: 16,650 sq ft area
- A room measures 15 feet by 21 feet. We want to install wall-to-wall carpeting and need to calculate the exact amount of carpeting required.
Solution Step 1 — Carpeting sold by square yard, so need answer expressed in square yards
Solution Step 2 — Calculate Area of Carpet in square feet Length X Width = Area
Calculation — 15 x 21 = 315 square feet.
Solution Step 3 = Convert square feet to square yards — 9 square feet in a square yard (3 x 3) Calculation = 315 square feet/9 = 35 square yards
Answer: 35 square yards
- A new driveway will be installed, 115 feet by 20 feet. The paving cost is $0.65 per square foot. What will be the minimum cost to pave the new driveway?
Solution Step 1 — Length X Width —Area
Calculation 115 x 20 = 2,300 square feet
Solution Step 2 — Cost of paving driveway – $0.65 per square foot — Area X Cost/SF = Price
Calculation — 2,300 x .65 per square ft = $1,495
Answer: $1,495
- A house measures 28 feet wide by 52 feet long and sells for $64,000. What is the price per square foot?
Solution step 1 — Length X Width = Area
Calculation 28 x 52 = 1,456 square feet
Solution Step 2 – Area x Price per sf = Selling Price
Solution Step 3 – Price per sq. ft. = Selling Price/sf
Calculation – $64,000/1,456 = $43.96 = Price per sf
Answer: $43.96/sq ft
Cost/Size
- A triangular lot measures 200 feet along the street and 500 feet in depth on the side perpendicular to the front lot line. If the lot sells for 10 cents per square foot, what is the selling price?
Solution Step 1 – Area of a Triangle = Length X Width divided by 2
Calculation — (200 x 500)/2 = 50,000 square feet
Solution Step 2 — Area x Price per sq ft. = Sales Price
Calculation — 50,000 x $0.10 = $5,000 = Sales Price
Answer: $5,000 Sales Price
Tax Problems
- If the assessed value of the property is $80,000 and the tax value is 100% of the assessed value, what is the annual tax if the tax rate is $1.50 per $100 and the equalization factor is 1.5?
Solution Step 1 — Assessed Value X Equalization Factor = Equalized Assessed Value
Calculation – $80,000 x 1.5 = $120,000 = Equalized Assessed Value Solution Step 2 — Equalized Assessed Value times $1.50/100 = Tax Bill
Calculation – $120,000 x $1.50 = $180,000/100 = $1,800 Tax Bill
Answer: $1,800 annual taxes
- A property sells at the assessed value. The annual real property tax is $706.56 at a tax rate of $1.15 per $100 of tax value, with an equalization factor of 1.2. The property is taxed at 80% of assessed value. What is the selling price?
Solution Step 1 – Tax rate
$1.15/$100 = .0115
Solution Step 2 – Assessed value = taxes/tax rate
Calculation – $706.56/.0115 = $61,440
Solution Step 3 – Assessed value times the equalization factor = Equalized Assessed Value
Calculation – $64,440 x 1.2 = $73,128 = Equalized Assessed Value
Solution Step 4 – Equalized Assessed value divided by the Assessment Rate = Selling Price
Calculation – $73,128/.8 = $92,160 = Selling Price
Answer: $92,160 is selling price
- If the assessed value of property is $68,000 and the annual tax paid is $1,105 and the equalization factor is 1.3, what is the tax rate?
Solution Step 1 —Assessed Value x Equalizer = Equalized Assessed Value
Calculation = $68,000 x 1.3 = $88,400
Solution Step 2 — Tax Dollars divided by the Equalized Assessed Value x 100 = Tax Rate Calculation – $1,105/$88,400 x 100 = $1.25 Per $100 of Tax Value
Answer: tax rate $1.25 per $100 of tax value
- If the market value is $70,000, the tax rate is 120 mills, and the equalization factor is 1.5, and the assessment is 80%, what is the semiannual tax bill? (To get mills, divide by 1000).
Solution Step 1: Market Value x Assessment rate = Assessed Value
Calculation – $70,000 x .8 = $56,000
Solution Step 2 — Assessed Value x Equalizer = Equalized Assessed Value
Calculation – $56,000 x 1.5 = $84,000
Solution Step 3 — Equalized Assessed Value divided by 120 mills/$1000 = Annual Tax Bill
Calculation — $84,000/1000 = 84 84 x 120 = $10,080 Annual Tax Bill
Solution Step 4 — Annual Tax Bill/2 = Semiannual Tax Bill
Calculation – $10,080/2 = $5, 040 Semiannual Tax Bill
Answer: $5,040 semiannual tax bill
