Property Valuation
The Wisconsin equalized value (full value) of a property is set by:
AThe local assessor based on sales studies✓ Correct
BThe property owner's self-assessment
CA licensed appraiser hired by the state
DDSPS
Explanation
Wisconsin local assessors set property assessed values using sales studies and appraisal techniques to estimate the full (equalized) market value of all taxable property.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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