ValuationProperty_taxEASY
A residential property in Kanawha County, West Virginia has an appraised fair market value of $250,000. The applicable levy rate is $10.00 per $1,000 of assessed value. What is the owner's annual property tax bill?
Correct Answer
A) $1,500
West Virginia assesses real property at 60% of appraised fair market value. Step 1: Assessed Value = $250,000 × 60% = $150,000. Step 2: Tax Bill = ($150,000 ÷ $1,000) × $10.00 = 150 × $10.00 = $1,500. The 60% assessment ratio must be applied before multiplying by the levy rate.
Answer Options
A
$1,500B
$2,500C
$1,000D
$2,000Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Valuation Question
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Background Knowledge for Valuation
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Real World Application in Valuation
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Related Topics & Key Terms
Key Terms:
property_taxassessed_value60_percent_ruletax_calculationlevy_rate
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