PTA Part 2 - Final Exam Flashcards
Rural land valuation seeks to achieve an estimate of market value that most heavily result in
a standard value per acre
In areas where the residential development has been carved into winding streets and cul-de-sacs with similar size
lots, what preferred method of evaluation would be used:
the site value with adjustments for size, shape, easements, or other constraints
The municipal Master Plan and Zoning generally requires front, rear, and side set backs for building lots in each zone. These areas form the inside section we refer to as :
a building envelope
From the early 1900’s until the late 1960’s, the preferred layout of a development was based upon a grid with streets being parallel and set distances apart. This type of layout is often found in older cities. A method of quickly calculating land value for this type of layout is:
value of front foot
When valuing land by the front foot method, an adjustment is made for the depth. After a depth factor is applied to the base cost per front foot, the result is know as :
effective front foot value
You have researched and found four sales of comparable properties in the same neighborhood as your subject property. You are now ready to proceed with the necessary adjustment to develop the value of the subject property using the market approach to valuation. Therefore:
the comparable properties are adjusted to the characteristics of the subject.
There are three recognized approaches to value. Which one is not:
a: market
b: ratio
c: income
d: cost
ratio
Who certifies the tax list after a revaluation?
Assessor
You are developing the cost for a house that is listed as
1 1/2 story. The measurement of the first floor is recorded as 26x40 feet. The half story is directly over the first floor. Calculate the square footage you will use to locate in the cost table the base cost per square foot of the half story.
1,040 square feet
There are base specifications described for each building class in the Appraisal Manual for New Jersey Assessors. The foundation for residential dwellings is described with a crawl space as the standard. The dwelling you are appraising is built with part of the building over a basement and part of the building on a slab. What type of adjustment will be necessary for each?
basement - addition
slab - minus
Calculate the square foot of living area if the dwelling measures 24 feet by 40 feet with a porch that is 10 feet by 8 feet, an attached garage that is 14 feet by 12 feet, and a rear deck that is 12 feet by 10 feet.
960 square feet
The Appraisal Manual for NJ Assessors was developed in 1975. Certain base cost information has been updated, however the base cost is developed is not a current value. What additional factor must be applied to adjust the value to current cost?
base cost x current cost conversion factor.
A property is assessed at $210,000 an the tax rate in he municipality is $2.25 per hundred. This property sells for $262,500. The average weighted ratio for the district is 84.56 and the effective tax rate is $1.90 per hundred. Calculate the assessment-sale ration for this property.
80.00
A residential property sells for less than typical market due to location adjoining a gas station. What type of depreciation does this represent?
economic
The sales and sampling period for the assessment-sales ratio study includes only those sales recorded from July 1 to June 30 and deemed to be usable for a ratio study. Review the information given below and determine if the sale would be usable or non-usable:
Grantor: HALE, John & Mary Grantee: HALE, Mary
13 Apple Lane 13 Apple Lane
Orvis, NJ 08888 Orvis, NJ 08888
Deed Date: 01-04-01 Deed Date: 01-07-01
Sale Price: $100 RTF 0.00 RTF Code E
Non-usable
The sale ratio program is administered by the State, Which is the primary data collection form?
SR1A
The method of statistically analyzing the assessment-sales ratio data to determine the uniformity of assessment result in a
Coefficient of Deviation
Additional since passage of c. 123 PL 1973, adjustments to assessments are made within a 15% corridor developed from the Director’s Ratio. Develop the lower limit and upper limit of the corridor if the district has a Director’s Ratio of $82.03
Lower Limit Upper Limit
69.73 94.33
- 03*.85=69.73
- 03*1.15=94.33
When are the taxes due and payable on added and omitted assessments?
November 1 following the filing of the lists
A 1930’s colonial house in a quality neighborhood has been updated extensively. How would you define the age for depreciation purposes?
effective
Mr. Gilbert owned a 50 x100 lot that was assesses at a $52,000 for the 2000 tax year. He contracted with a builder and had a single-family dwelling constructed. the house was completed on August 4, 2000 and he moved in. The assessor determined the value of the newly constructed house to ne $108,000. what is the pro-rated added assessment for the improvement.
Total value of new construction is $108,000. House was completed on August 4 and the value must be prorated for 4 months
108,000 divided by 12 times 4 = $36,000
The Boro of Why is in the first year following the implementation of a revaluation. The ratio in the town is 100% and the tax ate is $2.15 per hundred. A building permit provides information that renovations an additional room were completed in July. The assessed value of the property appears on the January 10 Tax List as:
Land: $65,000
Improv: $100,000
Total: $165,000
The value attributable to the additions is $35,000. What is the amount of the prorated added assessment and what is the tax due on the added assessment?
Total value added is $35,000 which must be prorated.
35000 divided by 12 times 5 (months) = $14,583
$14,583 x tax rate .0215= $313.53
The assessor is notified that there is a property left off the tax list due to a map change where a lot was missed. which list will the assessor use to correct this problem?
omitted assessment list
when a property is acquired by the federal government it becomes exempt-
on the date of acquisition
