Tax Calculation Quiz
Test Your Tax Knowledge!
Welcome to the Tax Calculation Quiz! This quiz is designed to challenge your understanding of tax calculations and exemptions related to property, particularly in the context of agricultural and home improvement loans. Whether you're a seasoned professional or just a curious learner, this quiz offers valuable insights.
Key Features:
- 10 Multiple Choice Questions
- Learn about Ag exemptions, tax ceilings, and more
- Great for both beginners and those looking to reinforce their knowledge
1. How many acres does our collateral need to be to carry over an Ag Exemption from a larger acreage tract?
A. 5 or more Acres
B. 2 or more Acres
C. 10 or more Acres
D. 15 or more Acres
2. On Home Improvement loans what is one scenario where we would NOT just use the current taxes with exemptions?
A. When the borrower is adding a pool
B. When the borrower is adding square footage to the house
C. When the borrower is updating their kitchen
D. If the costs of improvements is greater than $100,000
3. What months do we base estimated taxes from the tax statements issued by the county?
A. September-February
B. April-October
C. June-December
D. October-April
4. What months do we base estimated taxes from the estimated values on the CAD X the estimated tax rate on the CAD?
A. September-February
B. April-October
C. June-December
D. October-April
5. Tax ceilings/Tax freezes cap the amount of taxes that can be collected for school district tax entities. What criteria must be met for someone to qualify for a tax ceiling/freeze?
A. Any property owned by a person who is disabled
B. Only applies to a disabled veteran
C. A homestead property of people 65 & older or a person who is disabled
D. Homestead property of a disabled veteran
6. What is one scenario for a OTC/Interim that we would not use the 90% of appraised value X the tax rate?
A. If there is an Ag exemption on the property
B. If the land is worth more than the improvements
C. If the borrower is building a barndominium
D. If the borrower is building more than one structure
7. Use the CAD labeled Question #7 to calculate taxes as if the loan was a HE loan. What would the Estimated taxes be?
A. $816.50
B. $1,066.08
C. $1,098.88
D. $1,645.42
8. Use the CAD labeled Question #8 to calculate taxes as if the loan was a Purchase loan. What would the Estimated taxes be?
A. $7,872.79
B. $4,294.88
C. $7,874.78
D. $7,923.06
9. Use the CAD labeled Question #8 to calculate taxes as if the loan was a Land loan where we are taking only 3 acres as collateral. What would the Estimated taxes be?
A. $1,929.40
B. $2,732.03
C. $1,954.35
D. $1,975.32
10. In what scenario would you NOT just use the current taxes w/ exemptions for a Home Equity loan?
A. If there is no homestead exemption on the property
B. If there is an Ag exemption on the property
C. If the CAD shows them as not paying any taxes
D. If the house is new construction and does not appear on the CAD
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