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MCAO > Module 3: Assessor's Manual, Record Cards and Field Work > Flashcards

Module 3: Assessor's Manual, Record Cards and Field Work Flashcards

1
Q

All assessing officials, whose duty is is to assess real or personal property on which real or personal property taxes are levied shall only use what?

A

The official Assessor’s Manual (or any manual approved by the state tax commission.

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2
Q

What is used throughout the state to produce estimates of cost new for different types of structures (occupancies)?

A

Assessor’s Manual

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3
Q

The Assessor’s Manual consists of how many volumes?

A

Three (3)

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4
Q

Which volume of the assessor’s manual contains cost data for residential structures and most data for most agricultural structures?

A

Volume 1

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5
Q

Which volume of the assessor’s manual contains cost data virtually all types of commercial and industrial structures?

A

Volume 2

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6
Q

Which volume of the assessor’s manual is intended to be a guide to property assessments?

A

Volume 3

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7
Q

What is the cost to construct an improvement which has the same functionality as the subject?

A

Replacement

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8
Q

What is the cost to construct an improvement which is the exact duplicate of the subject property?

A

Reproduction

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9
Q

What is the historical or chronological age of a structure?

A

Actual Age

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10
Q

What is an indicator of accrued depreciation, the typical age of a structure equivalent to the one in question with respect to its condition, maintenance, remodeling, renovations, and utility as of the date of the appraisal?

A

Effective Age

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11
Q

What represents the remaining time period that the improvement continues to contribute value?

A

Remaining economic life

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12
Q

What is the loss in value and is a function of time to a property for any reason?

A

Depreciation

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13
Q

What are the 3 categories of depreciation?

A

Physical Deterioration
Functional Obsolescence
Economic Obsolescence

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14
Q

What is the reduction in life and value resulting from use, the forces of nature, and begins as soon as the building is erected; it continues through the life of the building?

A

Physical Deterioration

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15
Q

What is the loss in value to a structure or a part to adequately perform the function for which it is intended?

A

Functional Obsolescence

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16
Q

What type of obsolescence is measure by “excess cost to cure”?

A

Functional Curable Obsolescence

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17
Q

What type of obsolescence occurs when the cost of correcting the condition exceeds the increase in value?

A

Functional Incurable Obsolescence

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18
Q

What is the loss in value as a result in impairment in its utility and desirability caused by factors outside the property’s boundaries?

A

Economic Obsolescence (or locational or external)

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19
Q

True or False
On-site inspections are not mandatory

A

False

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20
Q

Specific property data must be comprehensive enough to do what/

A
  • Provide data for indication of value
  • Generate tax roll
  • Provide assessing officials with a permanent record and to for taxpayer assistance
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21
Q

Field inspections should be conducted by who?

A

Qualified individuals

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22
Q

Each parcel must be personally visited and what information should be collected?

A
  • Verify ownership
  • Property address
  • Property classification
  • Zoning
  • Inspect interior (if allowed)
  • Measure exterior
  • Record sketch
  • Quality grade of improvements
  • Adjustments
  • Review record card for completeness and accuracy
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23
Q

All dimensions should be rounded to the nearest what?

A

Half foot

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24
Q

Assessors should do what to avoid omitting details which might necessitate a trip back to the property?

A

Follow an established routine

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25
Q

The normal procedure for data collection during a field inspection includes what?

A
  • Exterior inspection, measurements & description
  • Interior inspection (if allowed)
  • Outbuildings & miscellaneous items
  • Nonstandard items
  • Class of construction
  • Depreciation or percent good
  • Photos
26
Q

What does an assessor’s [fieldwork] equipment include?

A
  • 50’ cloth tape
  • Clipboard
  • Small plastic scale
  • Supply of well sharpened pencils
  • Camera
27
Q

True or False
If no one is home, the assessor should peek through the windows to see what the inside looks like.

A

False

28
Q

When performing an exterior inspection, where should you start?

A

Left front or right front corner

29
Q

On the sketch, where is the road?

A

At the bottom

30
Q

True or False
Only improvements that add value must be listed on the record card.

A

False

31
Q

Nonstandard items may include what?

A

Fireplaces, patios, barbecues, sheds, fences, sprinklers, pools, ponds, gazebos, etc.

32
Q

When as assessor has thoroughly inspected the property, determined its age, observed its condition, they are prepared to determine what?

A

Class of Construction

33
Q

True or False
All structures depreciate at the same rate.

A

False
(Some owners do excellent maintenance, some just “get by” and others don’t do any)

34
Q

Who should enter the data into the computer and finalize the record card?

A

The person who did the measuring

35
Q

What is a simple cost estimating system, based on the square feet of a ground area only, and with a minimum number of adjustments from a basic residence cost table?

A

The square foot method

36
Q

What costs are included when using the square foot method?

A
  • Plans, specifications, survey, and building permits
  • Cost on interim money during normal period of construction
  • Cost of materials and labor
  • Sales taxes on materials
  • Normal site preparation including trenching, excavating for concrete, backfill and finish grading
  • Contractors’ overhead and profit, including workmen’s compensation, fire and liability insurance, unemployment insurance, etc.
37
Q

What costs are NOT included when using the square foot method?

A
  • Buying or assembling land
  • Land planning
  • Discounts or bonuses paid for financing
  • Marketing costs
  • Contingency reserve
38
Q

Single-family detached houses have been divided into how many major classes?

A

Six (6)

39
Q

What are the 6 major classes and the most common identification names for each?

A

A - Architect built
B - Custom built
BC - Standard deluxe
C - Standard
CD - Tract type
D - Economy

40
Q

The area of the first floor (or ground floor area) determines the size selection or square foot costs, this is called what?

A

Size for rates

41
Q

What type of house has living area on 2 different levels with a split-foyer entry?

A

Bi-level

42
Q

What type of house has living area on three different levels and can be thought of as a combination of a bi-level and a 1-story structure?

A

Tri-level

43
Q

Water and sanitary sewer (septic) (are or are not) included in the cost per square foot in Volume 1 (residential)?

A

Are Not

44
Q

Adjustments to the classification are adjustments to the cost schedules in increments from what class?

A

C

45
Q

The six major classifications are defined by attributes that are slightly greater or lessor than the next classification - what are those definitions?

A

D - cost as a determining factor
CD - minimum federal codes
C - Average quality
BC - Average but modified
B - Good quality
A - Excellent quality

46
Q

When appraising a home, the type of roof, floor finish, and trim are considered when?

A

Determining classification of construction

47
Q

What area is rounded to the nearest 50 square feet for use as the structures size for rates

A

Total ground floor area

48
Q

Each single-family home is assumed to have how many full (3 fixture) baths?

A

One (1)

49
Q

In the case of an attached garage, what adjustment must be made?

A

Common wall deduction

50
Q

What is the historical or chronological age of a structure or improvement?

A

Actual Age

51
Q

What is an indicator of accrued depreciation?

A

Effective Age

52
Q

What adjust the assessor’s manual to annually reflect change in the market of the construction costs found in the Assessor’s Manual and to bring the costs to the county level?

A

County Multipliers

53
Q

The square foot (of a structure) X unit costs from the manual equals what cost?

A

Base cost

54
Q

The base cost X the county multiplier equals what?

A

Cost new

55
Q

Cost new X depreciation (% good) equals what?

A

Total depreciated cost

56
Q

Total depreciated cost X ECF equals what?

A

Building true cash value

57
Q

True cash value x 50% equals what?

A

Building assessed value

58
Q

Calculate the ground floor area for a structure that has 3 sections; a one-story section of 632 square feet and a two-story section of 896 square feet and 784 square feet over the garage.

A

2,312

59
Q

What is the total square footage (living area) of a home with the following parts: 1-story 483 ground floor area, 2-story 1080 ground floor, 1-story overhang 14 square feet

A

483 1-story
2160 2-story (1080 + 1080)
14 1-story
2,657 total square footage

60
Q
A
61
Q
A

MCAO (4 decks)

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