Property Valuation
A Delaware property with a market value of $400,000 has an assessed value of $320,000. What is the assessment ratio?
A75%
B80%✓ Correct
C85%
D70%
Explanation
Assessment Ratio = Assessed Value ÷ Market Value = $320,000 ÷ $400,000 = 0.80 = 80%.
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