Property Valuation
A Maine homeowner believes their property is over-assessed. Their first step in challenging the assessment is typically to:
AFile a lawsuit in Superior Court
BFile for abatement with the local assessor✓ Correct
CContact the Maine Revenue Services
DAppeal directly to the Maine Real Estate Commission
Explanation
Property owners in Maine who believe their assessment is too high must first file an abatement application with the local assessor. If denied, they may appeal to the Board of Assessment Review.
Related Maine Property Valuation Questions
- When appraising a Maine waterfront cottage, the appraiser notes that similar properties on the same lake have been selling rapidly above list price. This market condition is called:
- In the cost approach to appraisal, 'depreciation' refers to:
- An appraiser in Maine is determining the assessed value of a property. The municipality uses an assessment ratio of 80%. If the market value is $350,000, what is the assessed value?
- In Maine, a property assessed at $180,000 has an assessment ratio of 80% (assessed value ÷ market value). The estimated market value is:
- In Maine, 'plottage' or 'assemblage value' refers to:
- Maine property taxes are based on assessed value, which municipalities typically set at:
- In Maine, properties located near the Portland International Jetport may experience a reduction in value due to airplane noise. This is an example of:
- An appraiser in Maine uses the sales comparison approach and finds three comparable sales at $275,000, $290,000, and $285,000. The unadjusted average value would be:
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