Property Valuation
In Arizona, the County Assessor's assessed value is used for:
ADetermining mortgage loan amounts
BProperty tax calculation and assessment purposes, not necessarily market value✓ Correct
CSetting listing prices
DEstablishing homestead exemption amounts
Explanation
Arizona County Assessors assess property for property tax purposes. The assessed value is used to calculate property taxes and may differ from market value. Each property class has a different assessment ratio in Arizona.
Related Arizona Property Valuation Questions
- In the sales comparison approach, an appraiser makes 'adjustments' to comparable sales. If a comparable sale has a pool and the subject property does NOT, the appraiser would:
- A 'reconciliation' in a final appraisal report involves the appraiser:
- In Arizona, an 'as-is' appraisal differs from an 'as-completed' or 'subject-to' appraisal in that:
- Market value in Arizona real estate appraisal is most accurately defined as:
- Which type of depreciation is caused by factors external to the property, such as a nearby industrial plant, and is generally considered incurable?
- Economic life of a building in the cost approach refers to:
- In Arizona, the 'cost to cure' approach in appraisal means:
- A commercial property's 'potential gross income' (PGI) represents:
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