Property Valuation
A property's assessed value for tax purposes is determined by:
AThe listing broker's opinion of value
BThe county or local assessor based on applicable assessment ratios✓ Correct
CThe lender's appraisal
DThe seller's asking price
Explanation
Assessed value is determined by the county assessor (or similar government official) using established assessment ratios and valuation methods. In Arkansas, assessment ratios vary by property class.
Related Arkansas Property Valuation Questions
- The principle of CONTRIBUTION states that:
- The 'effective gross income multiplier' (EGIM) is calculated by:
- The sales comparison approach estimates value by:
- The capitalization rate (cap rate) is calculated by dividing:
- When a comparable sale was a foreclosure or distressed sale, the appraiser should:
- Which approach is typically weighted most heavily when appraising a 4-unit residential rental property for a conventional mortgage?
- The 'income approach' to value is least useful for:
- A property's highest and best use is defined as the use that is:
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