A Maine real estate agent is advising a buyer about property tax assessment practices in Maine. Which of the following statements about Maine property tax assessment is NOT accurate?
Correct Answer
D) Maine property taxes are administered exclusively by the state government, with no role for local municipal assessors.
Option D is NOT accurate. In Maine, property taxes are administered at the local municipal level. Each municipality employs or contracts with a local assessor who determines assessed values and sets the mill rate based on the municipal budget. The state does not administer local property taxes directly; rather, the state provides oversight and standards (including the just value requirement under 36 M.R.S. § 701), but day-to-day assessment and collection is a municipal function.
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Why the Other Options Are Wrong
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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.
More Valuation Questions
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When appraising a property in Utah's Wasatch Front, which environmental hazard would an appraiser need to consider that is less common in most other states?
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?
- → 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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