Property Valuation
A Connecticut town revalues properties every several years to:
AIncrease all assessments
BUpdate assessments to reflect current market values and maintain equitable taxation✓ Correct
CComply with Commission requirements
DSatisfy mortgage lender requirements
Explanation
Connecticut municipalities are required to revalue properties periodically (revaluation) to update assessments to current market values, ensuring all property owners pay taxes based on current equity.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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