Property Valuation
In Massachusetts, a property's assessed value is meant to reflect:
A50% of market value
BFull and fair cash value (100% of market value)✓ Correct
CThe replacement cost of the improvements
DThe value set by the Board of Assessors arbitrarily
Explanation
Massachusetts law requires municipalities to assess property at full and fair cash value (100% of market value) for property tax purposes.
Related Massachusetts Property Valuation Questions
- An appraiser finds that a comparable home sold for $420,000. It has a garage worth $15,000 that the subject property lacks, and the comparable's lot is $10,000 smaller than the subject's. What is the adjusted sale price?
- The principle of 'anticipation' in real estate value means that:
- The sales comparison approach to value relies primarily on:
- A Massachusetts appraiser performing a 'desktop appraisal' (no physical inspection) relies primarily on:
- A Massachusetts appraiser performing a drive-by (exterior-only) appraisal is completing a:
- Physical depreciation that CANNOT be corrected (because the cost to fix it exceeds the value it adds) is called:
- A Massachusetts appraiser notes that comparable sales data is limited due to the uniqueness of the subject property. The appraiser should:
- A Massachusetts appraiser adjusts a comparable for a finished basement that the subject lacks. The adjustment is:
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