Module 3: Assessor's Manual, Record Cards and Field Work Flashcards
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?
The official Assessor’s Manual (or any manual approved by the state tax commission.
What is used throughout the state to produce estimates of cost new for different types of structures (occupancies)?
Assessor’s Manual
The Assessor’s Manual consists of how many volumes?
Three (3)
Which volume of the assessor’s manual contains cost data for residential structures and most data for most agricultural structures?
Volume 1
Which volume of the assessor’s manual contains cost data virtually all types of commercial and industrial structures?
Volume 2
Which volume of the assessor’s manual is intended to be a guide to property assessments?
Volume 3
What is the cost to construct an improvement which has the same functionality as the subject?
Replacement
What is the cost to construct an improvement which is the exact duplicate of the subject property?
Reproduction
What is the historical or chronological age of a structure?
Actual Age
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?
Effective Age
What represents the remaining time period that the improvement continues to contribute value?
Remaining economic life
What is the loss in value and is a function of time to a property for any reason?
Depreciation
What are the 3 categories of depreciation?
Physical Deterioration
Functional Obsolescence
Economic Obsolescence
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?
Physical Deterioration
What is the loss in value to a structure or a part to adequately perform the function for which it is intended?
Functional Obsolescence
What type of obsolescence is measure by “excess cost to cure”?
Functional Curable Obsolescence
What type of obsolescence occurs when the cost of correcting the condition exceeds the increase in value?
Functional Incurable Obsolescence
What is the loss in value as a result in impairment in its utility and desirability caused by factors outside the property’s boundaries?
Economic Obsolescence (or locational or external)
True or False
On-site inspections are not mandatory
False
Specific property data must be comprehensive enough to do what/
- Provide data for indication of value
- Generate tax roll
- Provide assessing officials with a permanent record and to for taxpayer assistance
Field inspections should be conducted by who?
Qualified individuals
Each parcel must be personally visited and what information should be collected?
- 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
All dimensions should be rounded to the nearest what?
Half foot
Assessors should do what to avoid omitting details which might necessitate a trip back to the property?
Follow an established routine
The normal procedure for data collection during a field inspection includes what?
- Exterior inspection, measurements & description
- Interior inspection (if allowed)
- Outbuildings & miscellaneous items
- Nonstandard items
- Class of construction
- Depreciation or percent good
- Photos
What does an assessor’s [fieldwork] equipment include?
- 50’ cloth tape
- Clipboard
- Small plastic scale
- Supply of well sharpened pencils
- Camera
True or False
If no one is home, the assessor should peek through the windows to see what the inside looks like.
False
When performing an exterior inspection, where should you start?
Left front or right front corner
On the sketch, where is the road?
At the bottom
True or False
Only improvements that add value must be listed on the record card.
False
Nonstandard items may include what?
Fireplaces, patios, barbecues, sheds, fences, sprinklers, pools, ponds, gazebos, etc.
When as assessor has thoroughly inspected the property, determined its age, observed its condition, they are prepared to determine what?
Class of Construction
True or False
All structures depreciate at the same rate.
False
(Some owners do excellent maintenance, some just “get by” and others don’t do any)
Who should enter the data into the computer and finalize the record card?
The person who did the measuring
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?
The square foot method
What costs are included when using the square foot method?
- 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.
What costs are NOT included when using the square foot method?
- Buying or assembling land
- Land planning
- Discounts or bonuses paid for financing
- Marketing costs
- Contingency reserve
Single-family detached houses have been divided into how many major classes?
Six (6)
What are the 6 major classes and the most common identification names for each?
A - Architect built
B - Custom built
BC - Standard deluxe
C - Standard
CD - Tract type
D - Economy
The area of the first floor (or ground floor area) determines the size selection or square foot costs, this is called what?
Size for rates
What type of house has living area on 2 different levels with a split-foyer entry?
Bi-level
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?
Tri-level
Water and sanitary sewer (septic) (are or are not) included in the cost per square foot in Volume 1 (residential)?
Are Not
Adjustments to the classification are adjustments to the cost schedules in increments from what class?
C
The six major classifications are defined by attributes that are slightly greater or lessor than the next classification - what are those definitions?
D - cost as a determining factor
CD - minimum federal codes
C - Average quality
BC - Average but modified
B - Good quality
A - Excellent quality
When appraising a home, the type of roof, floor finish, and trim are considered when?
Determining classification of construction
What area is rounded to the nearest 50 square feet for use as the structures size for rates
Total ground floor area
Each single-family home is assumed to have how many full (3 fixture) baths?
One (1)
In the case of an attached garage, what adjustment must be made?
Common wall deduction
What is the historical or chronological age of a structure or improvement?
Actual Age
What is an indicator of accrued depreciation?
Effective Age
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?
County Multipliers
The square foot (of a structure) X unit costs from the manual equals what cost?
Base cost
The base cost X the county multiplier equals what?
Cost new
Cost new X depreciation (% good) equals what?
Total depreciated cost
Total depreciated cost X ECF equals what?
Building true cash value
True cash value x 50% equals what?
Building assessed value
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.
2,312
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
483 1-story
2160 2-story (1080 + 1080)
14 1-story
2,657 total square footage
