Property Valuation
In Alabama, property is assessed for tax purposes at what percentage of fair market value for residential property?
A5%
B10%✓ Correct
C15%
D20%
Explanation
Residential property in Alabama is assessed at 10% of fair market value for property tax purposes. Commercial property is assessed at 20%, and agricultural property at 10%.
Related Alabama Property Valuation Questions
- Which of the following properties would most likely be appraised using the cost approach as the primary method?
- A comparable sale that sold 18 months ago may require a time (market conditions) adjustment because:
- A broker's price opinion (BPO) differs from a formal appraisal in that a BPO:
- Which of the following statements about land value is TRUE?
- Plottage is the increase in value resulting from:
- A property is listed with an asking price of $375,000. The appraiser's market value conclusion is $350,000. The lender will base the loan on:
- Replacement cost in the cost approach uses the cost to build a structure:
- An appraiser's certification in the appraisal report states that the opinion of value is:
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