Real Estate Math
If a property owner pays $9,000 in annual property taxes and the assessment ratio is 45%, and the tax rate is $20 per $1,000, what is the market value?
A$500,000
B$1,000,000✓ Correct
C$450,000
D$900,000
Explanation
Assessed Value = Tax ÷ Rate = $9,000 ÷ ($20/$1,000) = $9,000 ÷ 0.020 = $450,000.
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