Escrow & Title
In Colorado, the 'county assessor' is responsible for:
AA. Collecting property taxes
BB. Determining the assessed value of all taxable property in the county for property tax purposes✓ Correct
CC. Recording real estate transactions
DD. Issuing building permits
Explanation
The county assessor in Colorado is the elected official responsible for determining the assessed value of all taxable real and personal property in the county. The assessed value (based on the market value and the applicable assessment ratio) is used to calculate property taxes.
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Key Terms to Know
Proration
The division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Math Concepts
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