Property Valuation
Maine property taxes are based on assessed value, which municipalities typically set at:
A50% of market value by law
B100% (just value) per Maine Constitution✓ Correct
CWhatever the assessor determines without restriction
DThe value listed on the most recent deed
Explanation
The Maine Constitution requires property to be assessed at its 'just value,' which courts have interpreted as market value (100%). In practice, some municipalities assess below 100%, but just value is the constitutional standard.
Related Maine Property Valuation Questions
- A Maine appraiser uses the cost approach on a 15-year-old home. Physical depreciation based on straight-line over a 50-year economic life is:
- In Maine, a property with a 'deed restriction' limiting use to single-family residential is being appraised for potential commercial development. The appraiser should:
- A Maine appraiser uses the 'gross rent multiplier' (GRM) method. A property rents for $1,200/month and comparable sales suggest a GRM of 130. The estimated value is:
- When a Maine appraiser makes final reconciliation, they are:
- An appraiser in Maine performing a 'retrospective appraisal' for a property that sold 3 years ago will use comparable sales that are:
- External obsolescence affecting a Maine coastal property due to a nearby highway construction is best classified as:
- In Maine, properties located near the Portland International Jetport may experience a reduction in value due to airplane noise. This is an example of:
- In Maine, 'effective age' in appraisal refers to:
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