Under North Dakota law, which of the following is NOT a valid ground for a property owner to challenge an assessed value before the local board of equalization?
Correct Answer
C) The property owner disagrees with the mill levy rate set by the local taxing authority for the current year
The local board of equalization has jurisdiction over the assessed value (valuation) of individual properties — not over the mill levy rates set by taxing authorities. Mill levies are established through a separate governmental budgeting and levy-setting process involving the county commission, city council, school board, and other taxing entities. A property owner who objects to the mill levy rate must address that through the appropriate legislative or budgetary process, not through a board of equalization appeal. Therefore, disagreement with the mill levy rate is NOT a valid ground for a board of equalization appeal.
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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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