Property Valuation
In Ohio, CAUV stands for Current Agricultural Use Valuation. Under CAUV, farmland is taxed based on:
AIts full market value if developed
BIts value based on agricultural productivity and income, not development potential✓ Correct
CA flat rate per acre set by the state legislature
DThe original purchase price paid by the owner
Explanation
Ohio's CAUV program taxes qualifying farmland on its agricultural use value rather than its market value for development. This reduces property tax burdens on Ohio farmers.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
AppraisalA 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.
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