(1) 00:08:19 Question \#22 of 60 When determining real estate taxes for a property, the appraised value is based on \( 100 \% \) of the market value. True False

In real estate tax assessments, the appraised value is often calculated based on a percentage of the market value, typically not 100%. This means that while the market value might be $300,000, the appraised value for tax purposes could be set at a lower ratio, like 80%, which would equate to a taxable value of $240,000. This practice varies by location and depends on individual jurisdiction policies. Understanding how local jurisdictions assess property value can save property owners surprises during tax season. If you're buying property or reassessing taxes, check your local laws on assessment ratios, as they can impact your property tax burden significantly. Knowledge about the appraisal process can also empower homeowners in discussions with assessors if they believe their property has been inaccurately valued.