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Assessor The government official responsible for administrating the property tax system and for Establishing value for ad valorem tax purposes Requirements of the assessor Discovery , listing and valuation Discovery Location of all taxable property Listing Creating an invent...

Scope of Work Rule 1. Identify the problem to be solved 2. Determine and perform the scope of work necessary to develop credible assignment results 3. Disclose the scope of work in the report Scope of work acceptability When it meets or exceeds: 1. Expectations of parties who are regular...

The Economic Principle of Anticipation states that value is created by the expectation of benefits to be derived in the future. The Economic Principle of Substitution states that a property's maximum value tends to be set by the lowest cost or price at which another property of equivalent ...

Capitalization process The value of an income-producing property estimated by converting anticipated benefits arising from the ownership of the income producing property. Anticipation Principle where value is created by the expectation of benefits to be derived in the future. Change ...

Land An immovable and indestructible three-dimensional area consisting of a portion of the earth's surface, the space above and below the surface, and everything growing on or permanently affixed to it. Five Attributes of Land "PUFFS" Permanent Unique Finite Supply Functional Statio...

Planning should begin with? Analysis of current situation Highest and best use can be constrained by? Zoning What range should subjective data be in? at least 90% Which model structure are variables interactive? multiplicative Which model structure is adept at calibra...

Leverage The borrowing of funds in hopes of earning a greater return than the cost of the borrowed funds list, value, discover The basic responsibilities of the assessor for all taxable property. Conduct periodic on-site inspection of properties One of the steps an assessor must tak...

Artificial neural networks (ANN) an alternative to MRA for calibrating mass appraisal models sale price not a suitable independent variable for a residential sales comparison model statistical software packages provide the greatest modeling features and flexibility slope func...

In the form of government known as _____________, power is divided between central and regional governments. Federalism ______________ is the cultural concept related to legal relationships about things that can be possessed. Property The main difference between taxes and fees is tha...

Anticipation Value is created by the expectation of benefits to be derived in the future Substitution the prices, rents, and rates of return of property tend to be set by the current prices, rents and rates of return for equally desire able substitute properties. Contribution the va...

Income & Expense Statement Gross Income/PGI - Vacancy & collection losses + Misc income ______________________ EGI - Allowed expenses ______________________ NOI Recapture Rate 1/REL (remaining economic life) Building & Land Rate Discount + ETR + Recapture = Building (Imp) rat...

Rate times Value Income equals The basis for the Income Approach Anticipation Income divided by Value Rate equals Income divided by Rate Value equals One of the three approaches to value in which the appraiser derives a value indication by converting anticipated benef...

Capitalization is the process used to: convert income into an estimate of value fixed-rate mortgage A loan secured by real property featuring an interest rate that is constant for the term of the loan is referred to as a (an): anticipation The underlying principle providing the basi...