Property Valuation
A Virginia appraiser is asked to provide a 'retrospective appraisal' for estate tax purposes. This means:
AAn appraisal of a property that no longer exists
BAn appraisal with an effective date in the past (date of death)✓ Correct
CA future value projection
DAn appraisal using only the cost approach
Explanation
A retrospective appraisal estimates value as of a past effective date (e.g.
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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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