Property Valuation
What does 'market value' mean in a Connecticut appraisal context?
AThe price the owner paid for the property
BThe most probable price a property would sell for in a competitive market under normal conditions✓ Correct
CThe assessed value established by the town assessor
DThe highest price the property ever sold for
Explanation
Market value is the most probable price a property would sell for in an arm's length transaction between a willing buyer and willing seller, both knowledgeable and acting without duress.
Related Connecticut Property Valuation Questions
- If a Connecticut income property has an NOI of $90,000 and the market cap rate is 6%, what is the estimated value using the income approach?
- An appraiser preparing a Connecticut home valuation uses the cost approach and finds: Land value = $100,000; Reproduction cost of improvements = $350,000; Total depreciation = 20%. What is the total property value?
- A building has a reproduction cost of $800,000 and 15% total depreciation. What is the depreciated value of the improvements?
- The principle that value is created and maintained when a property's use is consistent with surrounding uses is called:
- In Connecticut, a property owner who disagrees with their assessment may file an appeal with the:
- The income approach to value is LEAST appropriate for:
- Which appraisal principle states that the value of a property is affected by the values of neighboring properties?
- The principle of substitution in real estate appraisal states that:
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