Property Valuation
In Tennessee, when appraising a property for tax purposes, the assessor uses which basis of value?
AInsured value
BAssessed value, which may be a percentage of market value✓ Correct
CReplacement cost value
DInvestment value
Explanation
Tennessee property tax assessors establish an assessed value, which under Tennessee law is a percentage of the property's fair market value (25% for residential, 40% for commercial, 30% for farm property).
Related Tennessee Property Valuation Questions
- Contributory value is the concept that:
- In Tennessee, 'plottage value' refers to:
- In Tennessee, which appraisal approach would be most appropriate for a new public school building?
- In Tennessee, which of the following is a reason an appraiser might limit the number of comparables used in the sales comparison approach?
- An appraiser adjusts comparable sales for time to account for:
- When appraising a Tennessee property using the income approach, 'effective gross income' is calculated as:
- The income approach to value is most appropriate for:
- In Tennessee, which of the following factors would increase property value according to the principle of conformity?
Practice More Tennessee Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Tennessee Quiz →