Module 4: ECF's and Final Calculations Flashcards
An Economic Condition Factor (ECF) is used to adjust the assessor’s use of the Assessor’s Manual to what?
An ECF is calculated by analyzing what?
The portion of each sale price attributed to the building(s) only, on the parcel is compared to what?
The ECF represents the relationship between what?
When the building value is added to the value of the land and the land improvements, an indication of what can be obtained?
Generally, the verified sales used for an ECF analysis should be drawn from when?
After the individual ECF indicators have been calculated, the assessor should analyze the figures and should remove what? Why?
The ECF neighborhood should be set so that what?
Borders for ECF neighborhoods can be what?
It is crucial that the ECF analysis be based upon what?
In some rural townships where there are insufficient sales to determine an ECF, the assessor may have to analyze what?
An assessor should verify what for each parcel to be used in the ECF analysis?
An assessor should also make a physical inspection of the property to determine what?
The assessor should use the effective age as of what?
The determination of accurate land value is crucial to what?
It is important that the land values used to set the ECF are also the land values used for what?
What items are removed from the sale price when determining an ECF?
In terms of comparisons, assessors should try to use properties with lesser amounts of land and land improvements, why?
ECF’s should generally be applied as what?
Any variation from the calculated ECF must be what?
After getting an estimate of cost new you subtract depreciation which gives an estimate of what?
To generate an ECF, the depreciated cost of a building which has sold is compared to what?
The ECF indicator for each sale is calculated by dividing what by what?
Dividing the sale price of the building by its cost new (with county multiplier applied) …
One ECF indicator is or is not sufficient for the calculation of a valid ECF?
Is not sufficient.
Although the individual ECF calculations are shown in the ECF analysis, the separate ECF indicators are not what?
Averaged to develop the final ECF; meaning each individual calculation is considered, but a simple average of all the separate indicators is not used to reach the final ECF value.
The separate ECF indications are listed so that an assessor can what?
Easily observe and review “outlying” ECFs.
