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?
Correct Answer
D) $224,000
Connecticut law (CGS § 12-64) requires property to be assessed at 70% of fair market value. $320,000 × 70% = $224,000. This is the assessed value used to calculate the property tax bill.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Valuation Question
Background Knowledge for Valuation
Real World Application in Valuation
Common Mistakes to Avoid on Valuation Questions
Related Topics & Key Terms
Key Terms:
More Valuation Questions
The appraisal principle of substitution states that:
Physical deterioration, functional obsolescence, and external obsolescence are the three types of:
Highest and best use means the use that is:
In the sales comparison approach, adjustments are always made to the:
The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which formula best represents the cost approach to appraisal?
- → Which appraisal method is most commonly used for residential properties and relies on recent sales of comparable properties?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → A West Virginia property with 4 bedrooms but only 1 bathroom suffers from:
- → A Comparative Market Analysis (CMA) is best described as:
- → James owns a farm in rural Tennessee that qualifies for the Greenbelt Law. Under Tennessee's Greenbelt Law, how is agricultural land assessed for property tax purposes?
- → Which of the following correctly identifies the three types of depreciation recognized in real estate appraisal?
- → Which four criteria must a use satisfy to qualify as the highest and best use of a property?
- → Highest and best use:
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Financing
12% of exam
Previous Question
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?
Next Question
Marcus owns a home in New Haven, Connecticut. After receiving his property tax bill, he believes his property has been overassessed. Which Connecticut body should Marcus first contact to formally challenge his assessed value?