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Lewis paid this year a $2,940 for an annual property tax. If the mill rate is 28 and 60% of the market value is the assessed ratio, what market value did the assesor assign to the lewis property?

Answer :

$175,000 is the market value the assessor assigned to the lewis property.

175,000 x .6 = 105,000

105,000 x .028 =2940

Market value or OMV (Open marketplace Valuation) is the charge at which an asset would exchange in an aggressive public sale putting. marketplace fee is regularly used interchangeably with the open market fee, honest value, or honest marketplace price, even though these terms have wonderful definitions in different standards, and fluctuate in some situations.

Market value is an idea awesome from marketplace charge, that's "the price at which you can transact", whilst marketplace value is "the authentic underlying cost" in line with theoretical standards. The concept is most commonly invoked in inefficient markets or disequilibrium conditions where triumphing market fees aren't reflective of proper underlying market value. For marketplace fees to identical marketplace prices, the marketplace has to be informationally green, and rational expectations have to be successful.

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