ECONOMICS
PROPERTY RIGHTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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raw land
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apartment building with very low vacancy
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vacant shopping center
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single family residence
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Detailed explanation-1: -Assessment ratio – relationship between the assessed value and the fair market value For example, if the assessment of a parcel which sold for $150, 000 (fair market value) was $140, 000, the assessment ratio is said to be 93% (140, 000 divided by 150, 000) .
Detailed explanation-2: -An assessment rate, also known as the assessment ratio, will be multiplied by the value assigned. It would include a uniform percentage that will be set by each tax jurisdiction. The percentage is usually between 80 and 90 per cent, and it determines the property’s taxable amount.
Detailed explanation-3: -The assessment rate is a percentage of up to 100% that takes into account factors that could raise or lower the value of homes in a given area.
Detailed explanation-4: -A property tax assessment determines the value of a piece of property. This assessment helps in estimating a property’s market value, whether it’s residential or commercial. The assessor, often known as a tax assessor, is usually in charge of tax assessment. Governments must collect taxes to operate.