What are the five matters that the BOE can hear?

Value Uniformity Taxability Denials of Homestead Breaches of Covenants

Are all owners of real property eligible for homestead exemption?

No

Who appoints the BOA?

County Governing Authority (Board of Commissioners)

What is the term length for a BOA member?

No less than 3, no more than 6 years

Who appoints the BOE?

Grand Jury

What is the term length of a BOE member?

3 calendar years

Must an individual farm the land they own in order to be eligible for Preferential Ad Valorem Property Tax Assessment?

No

What are the two classes of property?

Tangible and Intangible

What is the valuation date for property taxes?

Jan 1

List the Criteria the Assessors must take into account in determining the FMV of a property.

Zoning Use Covenants Bank Sales Easements Rent limitations Any other existing factors.

List the four qualifications for a member of the BOA.

Highschool Diploma or equivalent Resident of the county for 6 months Successfully completes 40 hours of training within 180 days of appointment Must be 21 or older

Name the seller's bill of rights.

Sell Lease Use Giveaway Enter Refuse

How many square feet are in an acre?

43,560

A house has suffered depreciation due to poor maintenance. What type of depreciation is this an example of?

Physical

What is the economic principle that is the basis for adjustments in the Market approach?

Contribution

What is the definition of depreciation?

A loss of value

By Georgia DOR standards a satisfactory COD for residential property must not exceed what percent?

15%

What is a type of Intangible Personal Property?

Bonds, Stocks, Franchises

What is the first step in the appraisal process?

Define the problem

What is considered when determining the FMV?

Zoning Use Covenants Bank Sales Easements Rent Limitations Any other existing factor

The most reliable source for analysis and establishing cost manuals and land depreciation schedules is?

The local market

Name the four methods to the Cost Approach.

Quantity Survey Unit in place Square Foot Historical trends

When completing an analysis using the Market Approach, the adjustments are always made to the ______ and never to the ______.

Comparable Subject

What is a bona fide sale?

An arm's length good faith willing transaction without deceit or fraud between two unrelated and unaffiliated parties acting in their own self-interest.

What is quality class based on?

Materials used and quality of workmanship.

What is the definition of Reproduction cost new?

An exact replica or duplicate including any obsolescence.

What is the definition of replacement cost new?

A utility equivalent using modern materials and construction techniques that does not maintain obsolescence's

What is not considered when determining highest and best use?

The seller's profits.

According to the Georgia Department of Revenue the sales ratio should be between?

.36 - .44

What are the three approaches to value?

Market, Cost, income

What is a satisfactory PRD?

0.95 - 1.10

When is the Market Approach used?

When there is a large enough bank of comparable sales.

What are the two types of property?

Real and Personal

What are the 3 types of depreciation?

Physical, Functional. Economical

This is defined as a reasonable buyer will play no more for a property than the cost of acquiring an equally desirable and valuable alternate property.

Principle of Substitution

Which is NOT considered when determining the FMV?

Highest and best use

The gross income multiplier (GIM) for commercial property is derived by?

Dividing selling price by annual income

When using the comparative sales (Market) approach you always adjust the ____ to resemble the _____?

Comparable to resemble the subject

What does the PRD measure?

Assessment Bias

What is the PRD formula?

Mean Ratio/Aggregate Ratio

What is an appraisal?

An estimate of value

Define FMV

The amount that a knowledgeable buyer would pay, and a knowledgeable seller would accept in an arm's length, bona fide sale

What are the 5 Elements of Comparison appraisers consider when determining comparability of sites?

Location Date of Sale Economic Trends Physical Characteristics Condition of Sale

What is the most important element for comparison?

Location

What are the most common units of comparison used in valuing land?

Square Foot Front Foot Acre/Section Site Units Buildable

The best unit of comparison for valuing the land of a rental store requiring substantial display area is?

Front Foot