Real Estate Math
A Pennsylvania county has a Common Level Ratio (CLR) of 65%. A property has an assessed value of $130,000. What is the implied market value?
A$84,500
B$200,000✓ Correct
C$182,000
D$195,000
Explanation
Market Value = Assessed Value ÷ CLR = $130,000 ÷ 0.65 = $200,000. The CLR represents the ratio of assessed values to actual market values in the county. Dividing the assessment by the CLR back-calculates the implied market value, used in Pennsylvania assessment appeals.
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