Module 4: ECF's and Final Calculations

Question 1

An Economic Condition Factor (ECF) is used to adjust the assessor’s use of the Assessor’s Manual to what?

Question 2

An ECF is calculated by analyzing what?

Question 3

The portion of each sale price attributed to the building(s) only, on the parcel is compared to what?

Question 4

The ECF represents the relationship between what?

Question 5

When the building value is added to the value of the land and the land improvements, an indication of what can be obtained?

Question 6

Generally, the verified sales used for an ECF analysis should be drawn from when?

Question 7

After the individual ECF indicators have been calculated, the assessor should analyze the figures and should remove what? Why?

Question 8

The ECF neighborhood should be set so that what?

Question 9

Borders for ECF neighborhoods can be what?

Question 10

It is crucial that the ECF analysis be based upon what?

Question 11

In some rural townships where there are insufficient sales to determine an ECF, the assessor may have to analyze what?

Question 12

An assessor should verify what for each parcel to be used in the ECF analysis?

Question 13

An assessor should also make a physical inspection of the property to determine what?

Question 14

The assessor should use the effective age as of what?

Question 15

The determination of accurate land value is crucial to what?

Question 16

It is important that the land values used to set the ECF are also the land values used for what?

Question 17

What items are removed from the sale price when determining an ECF?

Question 18

In terms of comparisons, assessors should try to use properties with lesser amounts of land and land improvements, why?

Question 19

ECF’s should generally be applied as what?

Question 20

Any variation from the calculated ECF must be what?

Question 21

After getting an estimate of cost new you subtract depreciation which gives an estimate of what?

Question 22

To generate an ECF, the depreciated cost of a building which has sold is compared to what?

Question 23

The ECF indicator for each sale is calculated by dividing what by what?

Answer 23

Dividing the sale price of the building by its cost new (with county multiplier applied) …

Question 24

One ECF indicator is or is not sufficient for the calculation of a valid ECF?

Answer 24

Is not sufficient.

Question 25

Although the individual ECF calculations are shown in the ECF analysis, the separate ECF indicators are not what?

Answer 25

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.

Question 26

The separate ECF indications are listed so that an assessor can what?

Answer 26

Easily observe and review “outlying” ECFs.