Could not load file or assembly 'System.Web.WebPages.Razor, Version=3.0.0.0

Another option is to update the Microsoft.AspnNet.Mvc NuGet package. Be careful, because NuGet update does not update the Web.Config. You should update all previous version numbers to updated number. For example if you update from asp.net MVC 4.0.0.0 to 5.0.0.0, then this should be replaced in the Web.Config:

    <sectionGroup name="system.web.webPages.razor" type="System.Web.WebPages.Razor.Configuration.RazorWebSectionGroup, System.Web.WebPages.Razor, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
      <section name="host" type="System.Web.WebPages.Razor.Configuration.HostSection, System.Web.WebPages.Razor, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
      <section name="pages" type="System.Web.WebPages.Razor.Configuration.RazorPagesSection, System.Web.WebPages.Razor, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
    </sectionGroup>
  </configSections>

 <host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, Version=5.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />

<pages
    validateRequest="false"
    pageParserFilterType="System.Web.Mvc.ViewTypeParserFilter, System.Web.Mvc, Version=5.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"
    pageBaseType="System.Web.Mvc.ViewPage, System.Web.Mvc, Version=5.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"
    userControlBaseType="System.Web.Mvc.ViewUserControl, System.Web.Mvc, Version=5.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
  <controls>
    <add assembly="System.Web.Mvc, Version=5.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" namespace="System.Web.Mvc" tagPrefix="mvc" />
  </controls>
</pages>

You have upgraded to Razor 3. Remember that VS 12 (until update 4) doesn't support it. Install The Razor 3 from nuget or downgrade it through these step

geekswithblogs.net/anirugu/archive/2013/11/04/how-to-downgrade-razor-3-and-fix-the-issue-that.aspx

Apologies in advance for this lo-tech suggestion, but another option, which finally worked for me after battling NuGet for several hours, is to re-create a new empty project, Web API in my case, and just copy the guts of your old, now-broken project into the new one. Took me about 15 minutes.