Property Valuation
In Georgia, the basis for the state's property tax assessment is typically:
AA. 100% of market value
BB. 40% of fair market value✓ Correct
CC. 50% of replacement cost
DD. 60% of purchase price
Explanation
Georgia assesses real property at 40% of fair market value. The tax rate (millage rate) is applied to this assessed value.
Related Georgia Property Valuation Questions
- The 'band of investment' technique in the income approach estimates a cap rate by:
- A Georgia appraisal shows that a comparable property sold for $315,000 with a two-car garage. The subject property has a one-car garage. The appraiser estimates that the difference in garage value is $8,000. The adjustment to the comparable is:
- A Uniform Standards of Professional Appraisal Practice (USPAP) is important because it:
- When an appraiser determines the 'contributory value' of a feature (like a swimming pool), this represents:
- A 'before and after' approach in appraisal is commonly used when:
- A Georgia property has an annual NOI of $54,000 and a capitalization rate of 6%. What is the estimated value?
- The market approach to value (sales comparison) would be LEAST appropriate for:
- An appraisal done for a refinance is often based on the assumption that:
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