Property Valuation
Iowa's appraisal of a historic property in an Iowa historic district may require consideration of:
AOnly the cost approach since the building is old
BHistoric tax credits and restrictions that both support and limit value, alongside market data from comparable historic properties✓ Correct
CAutomatic discount for age regardless of condition
DIREC special use appraisal standards
Explanation
Appraising historic properties in Iowa requires analysis of both the premium value from historic character and tax credits, and any restrictions (design requirements, preservation easements) that may limit modification. All three appraisal approaches may be relevant.
Related Iowa Property Valuation Questions
- 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?
- When a comparable property used in the sales comparison approach is inferior to the subject in a specific characteristic, the appraiser should:
- The principle of anticipation in Iowa appraisal holds that:
- An Iowa appraiser makes an adjustment of −$3,000 to a comparable sale that has a fireplace but the subject does not. This means the appraiser believes the fireplace:
- The principle of substitution states that:
- Iowa county assessors re-assess all property at least every how many years?
- Iowa agricultural land is often valued using a capitalized income approach. If a 160-acre farm generates $240 cash rent per acre and the cap rate is 4%, what is the indicated value?
- When using the sales comparison approach, an appraiser makes adjustments to comparable sales prices because:
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