Property Valuation
Vermont's 'mass appraisal' system used for property tax purposes differs from individual appraisal in that it:
AValues only luxury properties
BApplies statistical models to value large numbers of properties simultaneously for assessment purposes✓ Correct
CUses only the cost approach
DIs performed by individual appraisers for each property
Explanation
Mass appraisal uses statistical and computer-assisted valuation models to estimate values for large numbers of properties simultaneously, enabling Vermont municipalities to reassess all properties periodically for tax 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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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