Property Valuation
In Massachusetts, the Appellate Tax Board (ATB) hears appeals from taxpayers who believe their property assessment is:
AToo low
BToo high relative to fair cash value✓ Correct
CNot in compliance with federal appraisal standards
DBased on an outdated environmental report
Explanation
The Massachusetts Appellate Tax Board (ATB) hears appeals from property owners who believe their local property tax assessment exceeds the fair cash value of their property. Taxpayers must first apply for an abatement with the local assessors before appealing to the ATB.
Related Massachusetts Property Valuation Questions
- An appraisal must always be reconciled to a final value estimate. Reconciliation means the appraiser:
- A Massachusetts appraiser reconciles three approaches to value: Cost approach = $480,000; Sales comparison = $465,000; Income approach = $452,000. For a single-family residence, the appraiser would most likely give the greatest weight to:
- A property generates $72,000 in net operating income. Comparable properties in the market have a 7.2% cap rate. What is the estimated value?
- A Massachusetts appraiser determines that a comparable property has an inferior kitchen worth $12,000 less than the subject's kitchen. The appraiser should:
- In Massachusetts, 'vacancy and collection loss' in the income approach is typically estimated as a percentage of:
- An appraiser uses the 'reconciliation' process at the end of an appraisal to:
- In Massachusetts, an appraiser analyzing an investment property with expiring below-market leases would use what approach to capture their impact?
- The 'principle of conformity' in Massachusetts real estate valuation states that:
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