get selected option jquery
$( "#myselect option:selected" ).text();
get selected option jquery
$( "#myselect option:selected" ).text();
get option value jquery
<select id="state">
<option value="state1" data-id="1">state1</option>
<option value="state2" data-id="2">state2</option>
<option value="state3" data-id="3">state3</option>
</select>
$('#state option[data-id="2"]').val();
//output state2
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