Property Valuation
In South Carolina, the 'assessed value' of a property differs from 'appraised value' in that:
AThey are the same thing
BAssessed value is determined by the county for tax purposes and may differ from market value; appraised value is a professional opinion of market value✓ Correct
CAppraised value is always lower than assessed value
DOnly appraised value is used for all purposes
Explanation
Assessed value is determined by the county assessor for property tax purposes and is calculated as a ratio of market value. Appraised value is a professional appraiser's opinion of market value for lending or other purposes.
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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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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.
Math Concepts
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