A Kentucky property owner has received a notice of assessment and believes the PVA has over-assessed her property. She wants to pursue all available levels of appeal. Which of the following is NOT a recognized step in Kentucky's property tax assessment appeal process?
Correct Answer
C) Filing a complaint with the Kentucky Real Estate Commission (KREC)
The Kentucky Real Estate Commission (KREC) has absolutely no role in property tax assessment or appeals. KREC is the regulatory body for real estate licensees, handling licensing, discipline, and trust account compliance under KRS Chapter 324. Filing a complaint with KREC would have no effect on a property tax assessment dispute.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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