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Owen owns a store with a fair market value of $1,429,000. Property in the area is assessed at 45% of market value. Find the assessed value of the property.

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A property assessment of 45% means that for everyone $100 of fair market value, the taxing authority (local, county, and/or state government) recognizes $45 of value. Property assessments are typically less than fair market value because of lag time in the government's assessment process. Another reason is to avoid disputes about fluctuating market values.
 
45% of $1,429,000 = $643,050