Property Valuation
In Oregon, the county assessor values property for tax purposes using which value basis?
AOriginal purchase price
BReal market value (RMV) as of January 1 of each tax year✓ Correct
CReplacement cost minus depreciation
DIncome capitalization rate applied to annual rental income
Explanation
Oregon county assessors determine the real market value (RMV) of property as of January 1 of the assessment year. However, due to Measures 5 and 50, the maximum assessed value (MAV) is also capped, and property taxes are based on the lesser of RMV or MAV.
Related Oregon Property Valuation Questions
- The 'effective age' of a building in appraisal is:
- When appraising an Oregon property, the appraiser finds that no comparable sales within 1 mile are available. What should the appraiser do?
- An appraiser finds only two sales that are reasonably comparable to a unique Oregon property. How does this affect the reliability of the sales comparison approach?
- In real estate appraisal, the term 'market value' is best defined as:
- A property produces a net operating income (NOI) of $60,000 per year. If the capitalization rate is 6%, the property's estimated value using the income approach is:
- A property generates a net operating income of $90,000 and is valued at $1,200,000. What is the capitalization rate?
- In Oregon, a Broker Price Opinion (BPO) is typically used for:
- In the cost approach, 'reproduction cost' differs from 'replacement cost' in that reproduction cost is:
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