In Connecticut, what term describes the periodic revaluation of all real property in a municipality to reflect current market values, which is required by state law?
Correct Answer
D) Revaluation
Connecticut General Statutes § 12-62 requires each municipality to conduct a revaluation of all real property on a regular cycle (at least once every five years). This process, called 'revaluation,' ensures assessed values reflect current market conditions and is a Connecticut-specific statutory requirement.
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Related Topics & Key Terms
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Related Concepts
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.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
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Previous Question
In Connecticut, the assessed value of real property for property tax purposes is set at what percentage of its fair market value?
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A homeowner in Hartford, Connecticut receives her annual property tax bill. The assessor has determined the fair market value of her home to be $320,000. Using Connecticut's standard assessment ratio, what is the assessed value of her property?