Property Valuation
A Connecticut property recently sold for $400,000. The town's assessment ratio is 70%. What is the assessed value for property tax purposes?
A$400,000
B$280,000✓ Correct
C$320,000
D$350,000
Explanation
Connecticut towns assess property at 70% of fair market value. Assessed value = $400,000 × 70% = $280,000.
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