Property Valuation
What is 'assessed value' in Connecticut property taxation?
AThe price paid at the last sale
BThe value placed on a property by the local assessor for tax purposes, typically 70% of market value✓ Correct
CThe appraised value for mortgage purposes
DThe replacement cost of the improvements
Explanation
Assessed value is the value the local assessor assigns to a property for tax purposes. Connecticut requires assessments at 70% of market value, though actual ratios may vary.
Related Connecticut Property Valuation Questions
- A Connecticut property sold 8 months ago for $480,000. Since then, market values have increased 3%. What is the time-adjusted market value?
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- In Connecticut, property tax assessments are typically set at what percentage of market value?
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