Property Valuation
In Maine, a property's value may be affected by 'deed restrictions' because restrictions:
AAlways increase value by protecting the neighborhood
BMay limit use options and reduce the number of potential buyers, potentially affecting value✓ Correct
CAre always illegal
DNever affect the appraised value
Explanation
Deed restrictions can both help and hurt value. Restrictions that protect neighborhood character may support values; restrictions that limit permitted uses may reduce value by narrowing the market for the property.
Related Maine Property Valuation Questions
- In Maine, 'functional obsolescence' in a property is best described as:
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- A Maine homeowner believes their property is over-assessed. Their first step in challenging the assessment is typically to:
- 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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- In Maine, an appraiser discovers that a property is in a flood zone and flood insurance is required. This would affect value because:
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