Property Valuation
In Florida, the county 'property appraiser' (not to be confused with a real estate appraiser) is responsible for:
AAppraising properties for buyers and sellers
BDetermining the assessed value of all taxable property for ad valorem tax purposes✓ Correct
CSetting the millage rate for property taxes
DCollecting property tax payments from homeowners
Explanation
The Florida county property appraiser (an elected county official) determines the assessed (taxable) value of all real and personal property in the county for ad valorem (based on value) property tax purposes. Millage rates are set by taxing authorities; tax collection is by the tax collector.
Related Florida Property Valuation Questions
- A Florida appraiser identifies 'external obsolescence' affecting a residential property located near a newly constructed interstate highway. This depreciation is:
- A Florida appraiser identifies a property as having 'incurable physical deterioration.' This means:
- A Florida appraiser performing a 'retrospective' valuation for a divorce settlement in 2020 for a property that was purchased in 2018 would use:
- An appraiser's 'opinion of value' is based on:
- A Florida rental property has the following data: Gross annual rent = $60,000; vacancy rate = 7%; operating expenses = $22,000. What is the net operating income?
- A Florida commercial appraiser uses 'discounted cash flow' (DCF) analysis. The key inputs include:
- When appraising residential property in Florida, the sales comparison approach requires the appraiser to make adjustments for differences between the subject property and comparables. These adjustments are made to:
- A Florida appraiser is asked for an 'as-completed' value. This means:
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