What would be Tim's assessed value if he paid $1,740.00 in tax at a rate of 4%?

To determine Tim's assessed value based on the tax paid and the tax rate, one can use the formula: Assessed Value = Tax Paid / Tax Rate. In this case, Tim paid $1,740.00 in tax, and the tax rate is 4%, or 0.04 when expressed in decimal form.

Using the formula:

Assessed Value = $1,740.00 / 0.04 = $43,500.

This calculation shows that if Tim was taxed 4% on an assessed value of $43,500, the tax owed would indeed equal $1,740.00. Therefore, the assessed value accurately reflects the amount of tax paid at the given rate, confirming that the correct answer is $43,500.

Calculating assessed values based on tax rates is a standard approach in property taxation, which underlines the importance of understanding these calculations for real estate professionals.