Ace the Arizona Real Estate Exam 2025 – Unlock Your Property Dreams!

Question: 1 / 1505

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

$22,500

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.

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$27,000

$33,750

$40,500

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