Property Valuation
In Alaska, assessed value for property tax purposes is set by boroughs. If a property has a market value of $400,000 and the assessment ratio is 80%, the assessed value is:
A$80,000
B$320,000✓ Correct
C$400,000
D$480,000
Explanation
Assessed Value = Market Value × Assessment Ratio = $400,000 × 0.80 = $320,000.
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