A Colorado property owner who disagrees with their county-assessed value should first appeal to:
Why The county assessor's office, then the County Board of Equalization Is Correct
Answer B: The county assessor's office, then the County Board of Equalization
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
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Key Terms to Know
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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