Question

The market value of a property is $720,000. The equalization rate for the local municipality is 9%. What is the assessed value ............?

Answer 1

Answer:

assessed value = $64,800

Explanation:

given data

market value = $720,000

equalization rate = 9%

to find out

What is assessed value

solution

we get here assessed value that is express as

assessed value = market value × equalization rate   .......................1

put here value we get, assessed value

assessed value = $720,000 × 9%

assessed value = $720,000 × 0.09

assessed value = $64,800