Property Valuation
An appraiser in Maine is determining the assessed value of a property. The municipality uses an assessment ratio of 80%. If the market value is $350,000, what is the assessed value?
A$280,000✓ Correct
B$350,000
C$437,500
D$70,000
Explanation
Assessed value = Market value x Assessment ratio = $350,000 x 80% = $280,000. To solve this, multiply the relevant values: $350,000, at 80%.. The correct answer is $280,000.. This is a common calculation on the Maine real estate exam.
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