Real Estate Math
A Massachusetts property has an assessed value of $380,000. The town's assessment ratio is 80%. The actual market value is approximately:
A$304,000
B$456,000
C$475,000✓ Correct
D$380,000
Explanation
Market value = Assessed value / Assessment ratio = $380,000 / 0.80 = $475,000. The assessed value represents 80% of the estimated market value.
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