Real Estate Math
A Wyoming property was appraised at $480,000. The county assessor applies a 9.5% assessment ratio for residential property. What is the assessed value for property tax purposes?
A$4,560
B$45,600✓ Correct
C$480,000
D$504,000
Explanation
Assessed value = Appraised value x Assessment ratio = $480,000 x 9.5% = $480,000 x 0.095 = $45,600. To solve this, multiply the relevant values: $480,000 at 9.5%.. The correct answer is $45,600.. This is a common calculation on the Wyoming real estate exam.
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