Question

An assessor explains to you that the market value of your property was converted to the assessed value using what's called an assessment ratio. The assessment ratio can also be considered what

Answer 1

The assessment ratio, which is used to convert the value of property to the assessed value, can also be considered Equalization Rate.

What is the equalization rate?

The equalization rate is the ratio of the total assessed value (AV) to a municipality's total market value (MV).

The equalization rate is a measurement of a municipality's level of assessment (LOA) by the state.

This implies that the municipality determines the AV while the state determines the MV.

Thus, the assessment ratio, which is used to convert the value of property to the assessed value, can also be considered Equalization Rate.

Learn more about the equalization rate at brainly.com/question/5428406

#SPJ1