Property Valuation
In Maine, a property assessed at $180,000 has an assessment ratio of 80% (assessed value ÷ market value). The estimated market value is:
A$144,000
B$180,000
C$216,000
D$225,000✓ Correct
Explanation
Market Value = Assessed Value ÷ Assessment Ratio = $180,000 ÷ 0.80 = $225,000.
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