In NC, a 'mass appraisal' is performed by county assessors for:
Why Property tax assessment of all properties in the county on a periodic reappraisal cycle Is Correct
Answer B: Property tax assessment of all properties in the county on a periodic reappraisal cycle
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
Key Property Valuation Terms in This Question
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- The 'effective age' of a building for appraisal purposes refers to:Property Valuation
- A NC property owner who disagrees with their county's property tax assessment may file an appeal with:Property Valuation
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- In NC, a property's 'tax value' (assessed value) is used to determine property tax liability. For ad valorem tax purposes, properties should be assessed at:Property Valuation
Key Terms to Know
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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