Property Valuation
Florida's county property appraiser establishes 'just value' for ad valorem tax purposes. 'Just value' is closest to:
AThe assessed value after exemptions
BThe fair market value (what the property would sell for in an arm's-length transaction)✓ Correct
CThe replacement cost minus depreciation
DThe mortgage balance
Explanation
Florida's constitution requires the county property appraiser to determine 'just value' for ad valorem taxation, which has been interpreted by courts as fair market value — the price a property would sell for in an arm's-length transaction between a willing buyer and seller.
Related Florida Property Valuation Questions
- A Florida appraiser places most weight on the sales comparison approach for a single-family home. This is because:
- In the sales comparison approach, the appraiser adjusts for differences between the subject property and comparable sales. If a comparable has a feature the subject lacks, the adjustment to the comparable is:
- The highest and best use of a property in Florida is defined as the use that is:
- What is 'effective age' of a property in appraisal terminology?
- A Florida appraiser determines that a neighborhood's land values have been declining because of high vacancy rates. This condition is known as:
- In the income approach, 'effective gross income' (EGI) is calculated as:
- A Florida property's assessed value is $280,000. The homestead exemption is $50,000. The school board millage is 6 mills and the county millage is 10 mills. What is the total annual property tax?
- Under USPAP (Uniform Standards of Professional Appraisal Practice), which of the following would be a violation?
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