In Connecticut, the assessed value of real property for property tax purposes is set at what percentage of its fair market value?
Correct Answer
D) 70% of fair market value
Under Connecticut General Statutes § 12-64, real property in Connecticut is assessed at 70% of its fair market value (also called the 'assessed value ratio' or 'assessment ratio'). This 70% figure is a foundational element of Connecticut's property tax system and is frequently tested on the state exam.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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The rapid growth of the 'Silicon Slopes' tech corridor in Utah has most directly affected real estate in which area?
- → The income approach to appraisal is most commonly used for which type of property?
- → External obsolescence in Oklahoma:
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most appropriate for which type of property?
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- → Three depreciation:
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- → A Comparative Market Analysis (CMA) is best described as which of the following?
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