Real Estate Math
A Virginia property's assessed value is $450,000. The property is appealing their assessment claiming it is overvalued by 10%. If successful, what would the new assessed value be?
A$400,500
B$405,000✓ Correct
C$425,000
D$440,000
Explanation
If overvalued by 10%, the correct value is $450,000 ÷ 1.10 = $409,091. But a 10% reduction from assessed value would be $450,000 × 90% = $405,000. The answer is $405,000.
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