Property Valuation
In Oklahoma, the county assessor determines the assessed value of property for ad valorem tax purposes. Residential property is assessed at:
A100% of fair market value
B50% of fair market value
C11% of fair market value✓ Correct
D25% of fair market value
Explanation
In Oklahoma, residential real property is assessed at 11% of its fair market value for ad valorem (property) tax purposes. This assessment ratio is set by state law and is one of the lowest in the nation.
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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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Math Concepts
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