Real Estate Math
A Mississippi property tax bill shows an assessed value of $85,000 at 80% of market value. The property's estimated market value is:
A$85,000
B$106,250✓ Correct
C$68,000
D$100,000
Explanation
If the assessed value ($85,000) is 80% of market value, then: Market Value = Assessed Value ÷ Assessment Ratio = $85,000 ÷ 0.80 = $106,250. Mississippi counties assess property at varying percentages of market value; the assessment ratio converts between assessed and market value.
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