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

Question 1

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?

Answer 1

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

Question 2

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

Answer 2

Assessor’s Manual

Question 3

The Assessor’s Manual consists of how many volumes?

Answer 3

Three (3)

Question 4

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

Answer 4

Volume 1

Question 5

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

Answer 5

Volume 2

Question 6

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

Answer 6

Volume 3

Question 7

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

Answer 7

Replacement

Question 8

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

Answer 8

Reproduction

Question 9

What is the historical or chronological age of a structure?

Answer 9

Actual Age

Question 10

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?

Answer 10

Effective Age

Question 11

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

Answer 11

Remaining economic life

Question 12

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

Answer 12

Depreciation

Question 13

What are the 3 categories of depreciation?

Answer 13

Physical Deterioration
Functional Obsolescence
Economic Obsolescence

Question 14

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?

Answer 14

Physical Deterioration

Question 15

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

Answer 15

Functional Obsolescence

Question 16

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

Answer 16

Functional Curable Obsolescence

Question 17

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

Answer 17

Functional Incurable Obsolescence

Question 18

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

Answer 18

Economic Obsolescence (or locational or external)

Question 19

True or False
On-site inspections are not mandatory

Answer 19

False

Question 20

Specific property data must be comprehensive enough to do what/

Answer 20

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

Question 21

Field inspections should be conducted by who?

Answer 21

Qualified individuals

Question 22

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

Answer 22

• 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

Question 23

All dimensions should be rounded to the nearest what?

Answer 23

Half foot

Question 24

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

Answer 24

Follow an established routine

Question 25

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

Answer 25

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

Question 26

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

Answer 26

- 50' cloth tape - Clipboard - Small plastic scale - Supply of well sharpened pencils - Camera

Question 27

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

Answer 27

False

Question 28

When performing an exterior inspection, where should you start?

Answer 28

Left front or right front corner

Question 29

On the sketch, where is the road?

Answer 29

At the bottom

Question 30

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

Answer 30

False

Question 31

Nonstandard items may include what?

Answer 31

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

Question 32

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

Answer 32

Class of Construction

Question 33

True or False All structures depreciate at the same rate.

Answer 33

False (Some owners do excellent maintenance, some just "get by" and others don't do any)

Question 34

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

Answer 34

The person who did the measuring

Question 35

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?

Answer 35

The square foot method

Question 36

What costs are included when using the square foot method?

Answer 36

- 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.

Question 37

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

Answer 37

- Buying or assembling land - Land planning - Discounts or bonuses paid for financing - Marketing costs - Contingency reserve

Question 38

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

Answer 38

Six (6)

Question 39

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

Answer 39

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

Question 40

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

Answer 40

Size for rates

Question 41

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

Answer 41

Bi-level

Question 42

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?

Answer 42

Tri-level

Question 43

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

Answer 43

Are Not

Question 44

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

Answer 44

C

Question 45

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

Answer 45

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

Question 46

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

Answer 46

Determining classification of construction

Question 47

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

Answer 47

Total ground floor area

Question 48

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

Answer 48

One (1)

Question 49

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

Answer 49

Common wall deduction

Question 50

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

Answer 50

Actual Age

Question 51

What is an indicator of accrued depreciation?

Answer 51

Effective Age

Question 52

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?

Answer 52

County Multipliers

Question 53

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

Answer 53

Base cost

Question 54

The base cost X the county multiplier equals what?

Answer 54

Cost new

Question 55

Cost new X depreciation (% good) equals what?

Answer 55

Total depreciated cost

Question 56

Total depreciated cost X ECF equals what?

Answer 56

Building true cash value

Question 57

True cash value x 50% equals what?

Answer 57

Building assessed value

Question 58

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.

Answer 58

2,312

Question 59

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

Answer 59

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