Real Estate MathProperty_tax_assessmentEASY
In New Mexico, residential property is assessed at one-third of its market value for property tax purposes. What is the assessed value of a home with a market value of $300,000?
Correct Answer
B) $100,000
New Mexico applies a 33.33% assessment ratio to residential property. $300,000 × 1/3 = $100,000 assessed value.
Answer Options
A
$75,000B
$100,000C
$150,000D
$200,000Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Related Topics:
assessment-ratioNM-specific
Key Terms:
one-third33%NM assessmentmarket value
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