Property Valuation
In Massachusetts, the 'assessed value' is used primarily to calculate:
AThe market value of the property
BThe amount of property tax owed✓ Correct
CThe required insurance coverage
DThe appropriate sale price
Explanation
In Massachusetts, the assessed value (which should equal full and fair cash value) is multiplied by the local tax rate to determine the annual property tax obligation.
Related Massachusetts Property Valuation Questions
- Which Massachusetts appraisal report type provides the most comprehensive documentation of the appraisal process?
- In Massachusetts, the 'highest and best use' of a property is defined as the use that is:
- The term 'highest and best use' in appraisal means the use that is:
- Which appraisal approach is most appropriate for valuing a single-family residence in a neighborhood with many recent sales?
- The 'effective gross income' (EGI) of a rental property is calculated as:
- Market value is best defined as:
- 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 'substitution' in real estate appraisal states that:
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