In Wisconsin, property is assessed for property tax purposes at what percentage of its estimated fair market value, as required under Wisconsin Statutes Section 70.32?
Correct Answer
A) 100% of estimated fair market value
Under Wisconsin Statutes Section 70.32(1), all taxable property in Wisconsin must be assessed at its full value — meaning 100% of its estimated fair market value. This is known as the 'full value assessment' standard, and the Wisconsin Department of Revenue monitors compliance through the equalized value process.
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Related Topics & Key Terms
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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.
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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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