Real Estate Math
A property in New York is assessed at $320,000. The equalization rate (level of assessment) is 80%. What is the full market value?
A$256,000
B$400,000✓ Correct
C$480,000
D$640,000
Explanation
Full Market Value = Assessed Value / Equalization Rate = $320,000 / 0.80 = $400,000.
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