Property Valuation
Wisconsin's 'assessed value' for property tax purposes is determined by:
AThe most recent sale price only
BThe municipal or county assessor, who is required to assess property at full market value (100% of fair market value)✓ Correct
CThe property owner's self-reported estimate
DThe DNR's environmental impact assessment
Explanation
Wisconsin law requires that property be assessed at its full market value; the municipal or county assessor is responsible for determining assessed value for property 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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market 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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