Real Estate Math
A Wyoming property's market value is $450,000 and the assessed value is 9.5% of market value. What is the assessed value?
A$4,275
B$42,750✓ Correct
C$45,000
D$427,500
Explanation
Assessed value = Market value x Assessment ratio = $450,000 x 9.5% = $450,000 x 0.095 = $42,750. Wyoming has historically assessed residential property at a fraction of market value for property tax purposes.
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