Under Vermont's Current Use Program (Use Value Appraisal), how is enrolled agricultural or forestland assessed for property tax purposes?
Correct Answer
B) At its use value based on agricultural or forestry productivity
Under 32 V.S.A. Chapter 124, Vermont's Current Use Program (also called the Use Value Appraisal Program) assesses enrolled agricultural and forestland at its use value — that is, the value based on the land's capacity to produce agricultural or forestry income — rather than its fair market value. This typically results in significantly lower property taxes for qualifying landowners.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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.
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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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