Property Valuation
A Massachusetts property's 'effective age' is 10 years, but its chronological age is 20 years. This means:
AThe property has been poorly maintained
BThe property has been well-maintained or renovated, so it appears and functions as a 10-year-old property✓ Correct
CThe property has been modified illegally
DThe assessment is based on 10 years of age
Explanation
Effective age reflects the age of a property in terms of its condition and utility, which can differ from its chronological age. A well-maintained or recently renovated property may have a lower effective age than its actual age.
Related Massachusetts Property Valuation Questions
- In the sales comparison approach, a comparable property sold for $520,000 and has a two-car garage worth $15,000 that the subject property lacks. The adjusted value of the comparable is:
- The cost approach to value is most reliable for which Massachusetts property?
- Which appraisal approach is most appropriate for valuing a single-family residence in a neighborhood with many recent sales?
- Which of the following is NOT one of the four essential elements of value (DUST)?
- An appraiser adjusts a comparable sale for its superior garage (+$12,000) and inferior kitchen (−$8,000) compared to the subject property. The comparable sold for $385,000. What is the adjusted comparable price?
- An appraisal must always be reconciled to a final value estimate. Reconciliation means the appraiser:
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- What is 'market value' as defined for Massachusetts appraisal purposes?
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