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Georgia Tax Assessor
Appraiser II Exam
| Question | Answer |
|---|---|
| What are the three approaches to value? | 1. Market (best) 2. Cost (common) 3. Income (least used) |
| What is the most applicable method to value land? | Market |
| What does PRD measure? | Progressivity & Regressivity |
| Who is the BOE appointed by? | Grand Jury |
| How long is a term for the BOE? | 3 years |
| What are 4 criteria for fair market value? | 1. Existing zoning 2. Existing use 3. Existing covenants or restrictions 4. Any other pertinent factors |
| Property is taxed at its.......... | Highest and best use |
| How to calculate the PRD (price related differential) "When I get perturbed I get mean and angry" | Mean divided by aggreate |
| Who has the authority to exempt property? | Only the Board of Assessors |
| How to calculate the COD (Coefficient of Dispersion) | AAD (average absolute devian) divided by Median |
| What is the first step in the appraisal process? How do you do this? | Define the problem Sales Ratio Analysis |
| Breaks the cost down into components of work done by the subcontractors using workable units. (square foot, linear foot, other units) | Units in place |
| What is another name for the straight-line depreciation method? | Age-life |
| The building residual technique can be used when? | The improvement is not new and the land can be estimated. |
| The cost of creating an improvement having the same or equivalent utility as another. | Replacement cost |
| 4-3-2-1 operates under the premise that........ | Land closer to the street is more valuable |
| The building residual technique can be used when....... | The improvements are not new and the land values can be estimated. |
| Potential gross income after making allowances for vacancy and collection loss and adding misc income. | Effective Gross Income |
| Curable physical deterioration is also know as? | Differed maintenance |
| What are the four methods of cost approach | 1. Quality Surveys 2. Units in place 3. Square Foot 4. Factored Historical Cost |
| Commercial airline aircraft is taxed........ | At the state level |
| Dept of Rev acceptable COD (Coefficient of Dispersion) | up to .15 for Residential up to .20 for all others |
| Unreturned property later discovered by the Tax Assessors Office shall be...... | Assessed a penalty of 10% the amount of tax due. |
| A gross income multiplier is........ | The relationship between a gross rental income and the selling price of a property. |
| What are three different types of sales? | 1. Senate Bill 346 2. Bank resales 3. True arms length sales |
| Adjustments are always made to the | Comparable / Never the subject |
| Method that measures physical deterioration by grouping items. | Observed Condition Method |
| Basis for adjustment process in sales comparison approach. "Market Approach" | Replacement Cost New less Depreciation Plus Land Value |
| 1. Appeal to the BOE with in __________ days 2. BOE sets hearings with in ___________days 3. Hearing to be held no earlier than ________ or later than __________ days | 180 15 20 30 |
| How many square foot in a acre? | 43560 |
| Personal property is taxed where? | Where it is located for at least 184 days. |
| It is the assessors responsibility to maintain............ | A fair, uniform and equitable valuation of all taxable property. |
| When it is most appropriate to use the cost approach? | When there are no comparable sales and land can be estimated. |
| The cost of creating an exact replica based on current prices for labor and materials. | Reproduction cost |
| Qualifications of a Board of Assessor member. | 1. 21 or older 2. reside within county serving 3. high school diploma or GED 4. Complete 40 hours training within a year of appointment |
| When personal property has no sites, it shall be taxed where? | The county that the owner maintains permanent and legal residence. |
| How to get the aggregate ratio? | Total Assessments / Total sales price |
| How to get he AAD Average Absolute Deviation | Total Deviation / Total # of Sales |
| How is a mill caculated | Budget / Digest |
| PRD above 1 indicates ................... meaning..................... | Regressivity Lover valued properties are assessed at a higher rate than higher valued properties |
| Personal property valued at $ 7,500 or less is ...... | Exempt |
| What approach capitalizes net income into value? | Income Approach |
| Ad Valorem means? | According to value |
| Board of Assessors appointed by .............. for a term of ,,,,,,,,,,,,,,,,,,,, | The county governing authority (Board of Comm) 3 to 6 years |
| Name three forms of depreciation | Physical Functional Economic |
| COD measures? | Uniformity |
| Most applicable method to value land? | Market |
| Field review frequency? | Every three years |
| COD- Appraisers always do median PRD - When i get perturbed I get MEAN and AGGrivated Mean/agg | Ratio= Assessment/sales price Median= middle aggregate= total assessments/total sales price mean= total ratio/ # of sales AAD= total deviation/ # of sales COD= AAD/Median PRD= Mean/Aggrate |
| Preferential use property taxed at what % of value? | 30% |
| What is the period over which an improvement may be profitably utilized? | Total Economic Life |
| "Nana's house is gone!" The government has the poser to appropriate property. What is that called? | Eminent Domain |
| Most detailed and precise method of cost estimating detailed inventory of maintenance and equipment. (used by contractors) | Quantity Survey Method |
| __________________ is the process of finding intermediate terms or numbers in a sequence of terms or numbers. Using this you can learn to calculate depth factor for any standard lot. | Interpolation |
| Name three examples of direct costs. | Materials, equipment, labor |
| _______________ id how old the improvement appears to be based on observation considering its condition. | Effective Age |
| What method applies an index or trend factor to a previous value from an appropriate construction cost index. | Factored Historical Cost Method |
| What are the five methods to measure depreciation? | 1. Age life - may use straight line or dep tables 2. Modified Age/life 3. Engineering break down 4. Observed Condition 5. Sales comparison approach - calculated from market |
| What are three steps in the cost approach? (formula) | Replacement cost new less depreciation plus land |
| What is the economic principal behind the market approach? | Substitution |
| Board of Equalization members must???? | Own Real Property |
| property sold at 180,000 Land to bldg ratio 1:4 Land value is? | land value / total # of parts 180,000/5=36,000 |
| For personal property computer software is? | Exempt |
| How is a gross rent multiplier calculated? | Sales price/annual income |
| PRD below 1 indicates............................ meaning............................. | Progressitivity Higher priced properties are assessed at a higher rate than lower valued properties. |
| Professional services, legal fees, surveyor fees, appraisal fees, permits, taxes, insurance, are examples of? | Indirect cost |
| A commercial Airline is taxed at? | The State level |
| How to calculate age life method | effective age / typical economic life = depreciation % dep= eff age / eco life |
| Remaining economic life + Effective age = ? | Total Economic Life |
| Calculation of the depth factor is based on what rule? | 4-3-2-1 |
| Appraisers must consider? | All methods |
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