Sales price versus assessed value. Real estate is
Chapter , Problem 10.27(choose chapter or problem)
Sales price versus assessed value. Real estate is typically reassessed annually for property tax purposes. This assessed value, however, is not necessarily the same as the fair market value of the property. Table 10.2 summarizes an SRS of 30 homes recently sold in a midwestern city.13 Both variables are measured in thousands of dollars. SALES (a) Inspect the data. How many homes have a sales price greater than the assessed value? Do you think this trend would be true for the larger population of all homes recently sold? Explain your answer. (b) Make a scatterplot with assessed value on the horizontal axis. Briefly describe the relationship between assessed value and sales price.
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