Property ValuationIntermediateDelaware Exam
A Delaware property is assessed at $180,000 with an assessment ratio of 60% of market value. What is the estimated market value?
A$108,000
B$240,000
C$300,000Correct
D$270,000
Why $300,000 Is Correct
Answer C: $300,000
If assessed value = 60% of market value, then market value = assessed value ÷ assessment ratio = $180,000 ÷ 0.60 = $300,000.
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
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