Which calculation is essential for determining the assessed value of a property?

To determine the assessed value of a property, it is essential to multiply the market value by the level of assessment. The market value is the estimated amount for which a property would sell on the open market, while the level of assessment represents the percentage of the market value that is used for calculating property taxes.

By applying this multiplication, you obtain the assessed value, which is the values that local governments use to determine property taxes. This process ensures that properties are taxed based on their fair market value adjusted for local assessment standards. This is a key component of property taxation systems, as it helps ensure equity and consistency in how properties are valued for tax purposes.

Other calculations provided in the options relate to property valuation and taxation but do not directly yield the assessed value.