Property Valuation
In NC, a 'mass appraisal' is performed by county assessors for:
AIndividual mortgage lending
BProperty tax assessment of all properties in the county on a periodic reappraisal cycle✓ Correct
CBankruptcy proceedings
DEstate tax calculations
Explanation
County assessors in NC perform mass appraisal — valuing large numbers of properties simultaneously using statistical models and limited individual inspections — for property tax assessment purposes.
People Also Study
Related North Carolina Questions
- 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
- In NC, a 'drive-by appraisal' using only exterior inspection and public records is most commonly used for:Property Valuation
- 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
Appraisal
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.
Study This Topic
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →