Property Valuation
In Idaho, what is the primary method used to assess residential properties for tax purposes?
AThe income approach only
BThe market value approach using comparable sales✓ Correct
CThe cost approach only
DA fixed per-square-foot rate set by the state
Explanation
Idaho county assessors primarily use the market (sales comparison) approach for residential property tax assessments. The assessed value is intended to reflect current market value as of January 1 of the assessment year.
Related Idaho Property Valuation Questions
- What is a 'narrative appraisal report' vs. a 'URAR form' appraisal?
- An Idaho appraiser uses a cost approach and determines the cost new is $300,000 and total depreciation is $75,000. Land value is $60,000. What is the indicated value?
- The capitalization rate (cap rate) reflects:
- Reconciliation in the appraisal process refers to:
- When using the sales comparison approach, an appraiser makes adjustments for differences. If the subject property has 3 bedrooms and the comparable has 4 bedrooms (with each bedroom worth $10,000), the appraiser should:
- In Idaho, what does a Competitive Market Analysis (CMA) primarily help determine?
- Effective age of a building refers to its:
- Which of the following would be considered a physical characteristic affecting property value?
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