City Y sets property valuations for tax assessment purposes low in relation to economic values but are reasonably proportionate among different properties. PQ bought improved property in City Y for $40,000 cash. It consisted of land assessed at $6,000, and a building assessed at $10,000. On PQ's books, the land should be valued at $________________ and the building at $______________.

Question

Quizplus · Accepted Answer

The Answer of City Y sets property valuations for tax assessment purposes low in relation to economic values but are reasonably proportionate among different properties. PQ bought improved property in City Y for $40,000 cash. It consisted of land assessed at $6,000, and a building assessed at $10,000. On PQ's books, the land should be valued at $________________ and the building at $______________.

City Y Sets Property Valuations for Tax Assessment Purposes Low