Question

In the community of Reese, the market value of a home is $180,000. The assessment rate is 35%. What's the assessed value? A. $63,000 B. $83,000 C. $66,000 D. $75,000

Answer 1

Answer : A. $63,000

In the community of Reese, the market value of a home is $180,000. The assessment rate is 35%.

To find assessed value we multiply the market value of property by assessment rate

Given market value of property is $180,000

Assessment rate of property is 35%= 35/100 = 0.35

Assessed value = market value * assessment rate

= 180000* 0.35= 63000

the assessed value= $63,000

Answer 2

The correct answer option is A. $63,000

Explanation:

We know that,

the market value of a home = $180,000

the assessment rate = 35%

and we are supposed to find the assessed value.

To find the assessed value, we will calculate 35% of the given market value of the home like shown below:

`35%` × $180,000

`=(35)/(100)` × 180000

`=63000`

Therefore, the assessed value of the home worth $180,000 market value is equal to $63,000.