Property Valuation
Assessed value in Mississippi is determined by:
AThe appraised market value set by a private appraiser
BThe county tax assessor, often as a percentage of market value✓ Correct
CMREC based on listing price
DThe mortgage lender's appraisal
Explanation
The county tax assessor determines assessed value, typically as a set percentage of market value (assessment ratio). Mississippi uses different ratios for different classes of property (residential, commercial, etc.).
Related Mississippi Property Valuation Questions
- The principle of 'progression' in real estate valuation states that:
- An appraiser values a Mississippi property using the income approach. To estimate value using direct capitalization, the appraiser must:
- External obsolescence affecting a Mississippi property located next to a new industrial facility is best described as:
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- Which Mississippi property would require the appraiser to rely most heavily on the cost approach due to a lack of comparable sales?
- A Mississippi appraiser must comply with USPAP (Uniform Standards of Professional Appraisal Practice). USPAP requires appraisers to:
- A Mississippi homebuilder wants to know the value of a new home before it is built. The appraiser would provide a:
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