Property Valuation
Iowa property assessed values are set by the county assessor as of January 1 of the assessment year and reflect:
AThe property's sale price on the last recording date
BThe actual (market) value of the property based on comparable sales✓ Correct
CThe cost to reconstruct the property
DThe owner's self-reported estimate of value
Explanation
Iowa county assessors set assessed values based on actual (market) value as determined by property sales data, inspections, and mass appraisal techniques. Values are set as of January 1 of the assessment year.
Related Iowa Property Valuation Questions
- An Iowa appraiser must comply with which professional standards governing appraisal practice?
- The appraisal approach most commonly used to value Iowa farmland is:
- An Iowa appraisal report using the URAR (Uniform Residential Appraisal Report) Form 1004 is used for:
- The principle of substitution in Iowa appraisal theory states that:
- Which Iowa appraisal approach relies on the principle that an investor will pay only what the benefits of owning the property are worth?
- An Iowa appraiser would use the cost approach as the primary valuation method for:
- Iowa assessors use mass appraisal to value properties. The primary advantage of mass appraisal is:
- In Iowa, the sales comparison approach requires the appraiser to make adjustments for differences between comparable sales and the subject property. A comparable with an extra full bathroom compared to the subject would require:
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