Property Valuation
In Iowa, an assessor's determination of 'actual value' for property tax purposes is considered:
AThe same as the most recent sale price
BAn estimate of market value using mass appraisal techniques✓ Correct
CThe insured replacement cost
DThe value set by the Iowa Finance Authority
Explanation
Iowa assessors determine 'actual value' (market value) using mass appraisal techniques, including comparable sales analysis, rather than simply relying on the most recent sale price.
Related Iowa Property Valuation Questions
- An Iowa appraiser finds three comparable sales for a subject property. Sale 1 is $225,000, Sale 2 is $231,000, and Sale 3 is $228,500. After adjustments, the appraiser concludes $229,000. This process is called:
- An Iowa appraiser is calculating the cost approach for a property. The replacement cost is $280,000, accrued depreciation is $42,000, and land value is $55,000. What is the appraised value?
- An appraiser uses the income capitalization approach to value a 10-unit apartment building with a gross annual income of $120,000, vacancy and collection loss of 5%, and operating expenses of $50,000. The cap rate is 7%. What is the estimated value?
- The income approach to value is MOST appropriate for which type of property?
- What is economic obsolescence in Iowa appraisal practice?
- In Iowa, an ad valorem tax means the tax is based on:
- An Iowa appraiser using the cost approach calculates the replacement cost of a building at $350,000. Physical depreciation is $70,000, functional obsolescence is $15,000, and land value is $65,000. What is the indicated value?
- When using the sales comparison approach, an appraiser makes adjustments to comparable sales prices because:
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →