What is the assessed value of a property with a market value of $225,000 in a residential zone?

What is the assessed value of a property with a market value of $225,000 in a residential zone?

• A. $22,500
• B. $27,000
• C. $33,750
• D. $40,500

Answer: (A)

To determine the assessed value of a property in Arizona, it’s important to consider the assessment ratio used for different types of properties. In residential zones, the assessment ratio is typically 10%. This means that the assessed value is calculated by taking 10% of the market value. For a property with a market value of $225,000, the assessed value would be calculated as follows: Assessment ratio: 10% Market value: $225,000 Assessed value = Market value × Assessment ratio Assessed value = $225,000 × 0.10 = $22,500 Thus, the assessed value of the property is indeed $22,500. This process illustrates how the assessed value is derived from the market value based on the established assessment ratio, which is crucial for tax assessment purposes.

To determine the assessed value of a property in Arizona, it’s important to consider the assessment ratio used for different types of properties. In residential zones, the assessment ratio is typically 10%. This means that the assessed value is calculated by taking 10% of the market value.

For a property with a market value of $225,000, the assessed value would be calculated as follows:

Assessment ratio: 10%

Market value: $225,000

Assessed value = Market value × Assessment ratio

Assessed value = $225,000 × 0.10 = $22,500

Thus, the assessed value of the property is indeed $22,500. This process illustrates how the assessed value is derived from the market value based on the established assessment ratio, which is crucial for tax assessment purposes.