A single-family home in Syracuse sold for $285,000. The appraiser needs to make adjustments for comparison to the subject property. The comparable has a two-car garage (+$8,000 adjustment), but lacks central air conditioning (-$4,500 adjustment) and has one fewer bedroom (-$12,000 adjustment). What is the adjusted sale price of this comparable?
Correct Answer
B) $276,500
Adjustments are applied to the comparable's sale price: $285,000 + $8,000 (garage) − $4,500 (no central air) − $12,000 (one fewer bedroom) = $276,500. The net adjustment is −$8,500, yielding an adjusted sale price of $276,500.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
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