Real Estate Math
A New York property has an assessed value of $180,000 and a full market value of $450,000. What is the level (ratio) of assessment?
A25%
B30%
C40%✓ Correct
D50%
Explanation
Level of assessment = Assessed Value / Market Value = $180,000 / $450,000 = 0.40 = 40%. Using the values given ($180,000, $450,000), apply the appropriate formula.. The correct answer is 40%.. This is a common calculation on the New York real estate exam.
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