Property Valuation
What is a mass appraisal as used in Ohio property taxation?
AAppraising multiple properties simultaneously for an individual buyer
BA systematic appraisal of all properties in a jurisdiction for ad valorem tax purposes✓ Correct
CAn appraisal done very quickly
DA group of appraisers working together
Explanation
Mass appraisal is the systematic appraisal of groups of properties using standard methods and statistical testing. Ohio county auditors use mass appraisal to establish assessed values for all taxable property, required every six years.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
Math Concepts
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