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Georgia Tax Assessor

Appraiser II Exam

QuestionAnswer
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