Property Valuation
Assessed value in Georgia is the value used to:
ASet the listing price
BCalculate property taxes✓ Correct
CDetermine the appraisal for loan purposes
DEstablish replacement cost
Explanation
Assessed value is set by the county tax assessor and is used as the basis for calculating property taxes. In Georgia, property is typically assessed at 40% of fair market value.
Related Georgia Property Valuation Questions
- An appraiser who assigns a value above the contracted purchase price to justify a pre-determined value is committing:
- An adjustable rate's 'index' in an ARM loan typically refers to:
- An appraisal report that is 'self-contained' (now called an appraisal report under current USPAP) contains:
- A plottage increment in real estate valuation refers to:
- The principle of progression states that a property's value is:
- In the income approach, what formula is used to calculate property value?
- In an appraisal, a comparable sale that is superior to the subject property requires the appraiser to:
- External (economic) obsolescence differs from functional obsolescence in that it is:
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