Real Estate Math
A New Mexico home's assessed value for property tax is $95,000 (1/3 of market value). What is the estimated market value?
A$190,000
B$285,000✓ Correct
C$380,000
D$142,500
Explanation
In New Mexico, residential property is assessed at 1/3 of market value for tax purposes. Market value = Assessed Value x 3 = $95,000 x 3 = $285,000.
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