Real Estate Math
A Connecticut property is assessed at 70% of market value. The assessed value is $196,000. What is the market value?
A$137,200
B$280,000✓ Correct
C$260,000
D$196,000
Explanation
Market value = Assessed value ÷ Assessment ratio = $196,000 ÷ 0.70 = $280,000.
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