Real Estate Math
A Missouri home's annual property taxes are $5,400. If the tax rate is $7.50 per $100 assessed value and the assessment ratio is 19%, what is the market value?
A$378,947✓ Correct
B$300,000
C$380,000
D$400,000
Explanation
Assessed value = ($5,400 ÷ $7.50) × $100 = 720 × $100 = $72,000. Market value = $72,000 ÷ 0.19 = $378,947.
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