Real Estate Math
A South Carolina property has a market value of $425,000. Owner-occupied residential assessment ratio is 4%. What is the assessed value?
A$4,250
B$17,000✓ Correct
C$42,500
D$25,500
Explanation
Assessed value = Market value × Assessment ratio = $425,000 × 4% = $17,000. To solve this, multiply the relevant values: $425,000 at 4%.. The correct answer is $17,000.. This is a common calculation on the South Carolina real estate exam.
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