35. Anytown, USA has a uniform percentage of 75%. A property in Anytown has a market value of $250,000. What is the assessed value of the property?
Answer: D
The assessed value of the property is $187,500.
To find the assessed value of the property, we multiply the market value by the uniform percentage. In this case, $250,000 multiplied by 75% equals $187,500.
A) $250,000
This option represents the market value of the property, not the assessed value. The assessed value is calculated based on a percentage of the market value, which in this case is 75%. Therefore, this option is incorrect.
B) $125,000
This value is less than 50% of the market value. To arrive at the assessed value, we apply the 75% uniform percentage to the market value of $250,000, which would not yield this figure. Thus, this option is incorrect.
C) $150,000
This amount is also below the assessed value calculated at 75% of the market value. The correct calculation yields a higher amount of $187,500, making this option incorrect as well.
D) $187,500
This option is correct as it represents the assessed value of the property when calculating 75% of the market value of $250,000. The calculation is straightforward: $250,000 x 0.75 = $187,500.
Conclusion
The correct assessed value of the property is $187,500, as this is derived from applying the 75% uniform percentage to the market value of $250,000. All other options fail to reflect the proper calculation required to determine the assessed value, confirming that they are incorrect.