Question

John Miller, an investor in real estate, bought an office condominium. The market value of the condo was $650,000 with a 68% assessment rate. What is the assessed value of the condo?

A. $442,000
B. $442,500
C. $442,800
D. $443,000

Answer 1

The assessed value of John Miller's office condominium is $442,000 option a, which is calculated by multiplying the market value of $650,000 by the assessment rate of 68%.

Step-by-step explanation:

To calculate the assessed value of John Miller's office condominium, we need to apply the assessment rate to the market value of the condo. The market value is given as $650,000 and the assessment rate is 68%. The assessed value is calculated by multiplying the market value by the assessment rate:

Assessed Value = Market Value × Assessment Rate

Assessed Value = $650,000 × 0.68

Upon performing the calculation:

Assessed Value = $442,000

Thus, the correct answer is A. $442,000.