Find the assessed value for the property.
-Fair market value: $2,144,000
Rate of assessment: 80%

Question

Quizplus · Accepted Answer

The assessed value is calculated by multiplying the fair market value by the rate of assessment, so the assessed value would be $2,144,000 x 0.80 = $1,715,200. Option D matches this value. To find the assessed value, we need to multiply the fair market value by the rate of assessment as a decimal:
Assessed value = $2,144,000 x 0.80 = $1,715,200. Therefore, the answer is D.

Find the Assessed Value for the Property