Property Valuation
Assessed value for property tax purposes in Tennessee is typically a percentage of:
AThe replacement cost of the structure
BMarket value as determined by the county assessor✓ Correct
CThe purchase price at the time of acquisition
DThe appraised value set by a state-certified appraiser
Explanation
In Tennessee, assessed value is calculated as a percentage of the property's appraised (market) value, as determined by the county assessor. For residential properties, the assessment ratio is 25% of appraised value.
Related Tennessee Property Valuation Questions
- When an appraiser makes a time adjustment to a comparable sale, they are adjusting for:
- The 'principle of substitution' in real estate appraisal states that:
- In the sales comparison approach, 'gross adjustments' should generally not exceed what percentage of the comparable's sale price per FNMA guidelines?
- In Tennessee, USPAP (Uniform Standards of Professional Appraisal Practice) requires appraisers to:
- In Tennessee, a certified general appraiser is qualified to appraise:
- When an appraiser uses the direct comparison approach, the final value indication is most influenced by:
- The cost approach formula is: Value = Land Value + (Cost New − Depreciation). If land value is $80,000, cost new is $250,000, and total depreciation is $40,000, what is the estimated value?
- Plottage (assemblage) refers to:
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