Property Valuation
When an Oklahoma appraiser adjusts for gross living area (GLA) in the sales comparison approach, the adjustment is based on:
AThe cost per square foot to build new
BMarket data from paired sales showing what the market actually pays for additional square footage in that specific market✓ Correct
COREC's published price-per-square-foot schedule
DThe assessment ratio multiplied by square footage
Explanation
GLA adjustments in sales comparison must be derived from market data — specifically paired sales of similar properties differing only in size. The adjustment reflects what buyers in that specific market actually pay for additional square footage, not construction cost.
Related Oklahoma Property Valuation Questions
- When appraising residential property in Oklahoma City's Plaza District or Midtown neighborhoods, an appraiser should consider:
- In Oklahoma, the county assessor determines the assessed value of property for ad valorem tax purposes. Residential property is assessed at:
- The principle of anticipation in appraisal holds that value is:
- Plottage (assemblage) value refers to:
- External obsolescence differs from functional obsolescence in that external obsolescence:
- The sales comparison approach to value is most appropriate for:
- An Oklahoma property's market value has increased since the last assessment. Under Oklahoma's assessment cap provisions, the assessed value for an existing homestead may be capped at:
- When using the income approach, potential gross income (PGI) is different from effective gross income (EGI) because:
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