Question

The total market value of a municipality is $25,000,000 and the total assessed value of a municipality is $11,250,000. What is the equalization rate for the municipality?

Answer 1

Answer: The equalization rate for the municipality is 45%.

Explanation:

Given that,

Total market value of a municipality = $25,000,000

Total assessed value of a municipality = $11,250,000

Therefore,

Equalization rate for the municipality =$\frac{Assesed\ value}{market\ value}$

= $\frac{11250000}{25000000}$

= 0.45

= 45%

Hence, the equalization rate for the municipality is 45%.