Property Valuation
In North Dakota, the assessed value of property for taxation purposes is typically a percentage of:
AThe property's original purchase price
BThe property's current market value (true and full value)✓ Correct
CThe property's replacement cost
DThe property's assessed value from 10 years ago
Explanation
North Dakota property is assessed at a percentage of its 'true and full value' (market value) as determined by county assessors. This assessment is the basis for calculating property taxes.
Related North Dakota Property Valuation Questions
- A North Dakota office building has a potential gross income of $100,000, vacancy and credit losses of 10%, and operating expenses of $35,000. What is the NOI?
- A North Dakota appraiser values a large lot and a small lot in the same neighborhood. The smaller lot typically sells for more per square foot because of:
- An appraiser in North Dakota must be licensed or certified because:
- Which factor would most likely increase the value of residential property in Grand Forks, North Dakota?
- In North Dakota, the 'principle of balance' in appraisal states that:
- An appraiser performing a retrospective appraisal for estate tax purposes in North Dakota must value the property:
- The sales comparison approach to value requires the appraiser to:
- What does 'as-is' value mean in a North Dakota appraisal?
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