A Massachusetts municipality is conducting a revaluation of all properties in the city. The assessors must ensure that all properties are assessed at full and fair cash value. Under Massachusetts law, how often must municipalities conduct a full revaluation to maintain certification from the Department of Revenue?
Correct Answer
C) Every five years
Under Massachusetts law and DOR guidelines, municipalities must conduct a full revaluation of all properties at least every three years to maintain certification from the Massachusetts Department of Revenue (DOR). This triennial revaluation requirement ensures that assessed values remain at or near 100% of full and fair cash value. The DOR reviews and certifies each municipality's assessments after each revaluation cycle.
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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 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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