Property Valuation
A West Virginia property is assessed at $120,000 with an equalization rate of 60%. What is the assessed value for tax purposes?
A$60,000
B$72,000✓ Correct
C$120,000
D$200,000
Explanation
Assessed value for tax purposes = Market value × Equalization rate = $120,000 × 60% = $72,000. The equalization rate adjusts assessed values to a uniform percentage of market value.
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