Property Valuation
An appraiser in Colorado is asked to perform a 'mass appraisal' for property tax purposes. Mass appraisal differs from a single-property appraisal in that:
AA. Mass appraisal is more accurate than single-property appraisals
BB. Mass appraisal uses statistical models to value many properties simultaneously using standardized data, while a single-property appraisal involves a detailed individual analysis✓ Correct
CC. Mass appraisal always results in higher values
DD. They are the same process
Explanation
Mass appraisal uses statistical analysis, modeling, and large datasets to value many properties simultaneously (used by county assessors for property tax purposes). Single-property appraisals involve a detailed individual analysis of a specific property using USPAP-compliant methodology.
Related Colorado Property Valuation Questions
- Under Colorado appraisal standards, USPAP requires that an appraiser's report include:
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- A Colorado apartment complex has 12 units each renting for $1,500/month. Using a GRM of 120, what is the indicated market value?
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- Colorado appraisers are regulated by the:
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