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The Walton family got a great deal on their new home. They bought it for $101,295, and it appraised at $187,000 in a region where assessed value is a percentage of appraised value. Using an assessment ratio of 25%, what is the assessed value of their new home

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abiolataiwo2015

The assessed value of their new home is $46,750.

Assessed value

Using this formula

Assessed value=Appraisal amount× Assessment ratio

Where:

Appraisal amount=-$187,000

Assessment ratio=25%

Let plug in the formula

Assessed value=$187,000 × 0.25

Assessed value = $46,750

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