Approaches
What are the 3 approaches to value?
Income, Cost, Sales Comparison
What is the first step in the appraisal data collection process?
Locate the parcel
How many county commissioners are typically on board?
3, 5, or 7
How many classes of property are considered in Article 11, KS Constitution?
Two, Real and Personal
What is an ad valorem tax?
Tax according to value, property tax according to value
What is the preferred method for land valuation?
Sales comparison
The front side of a Data Collection Card and Property Record Card contain what type of information?
Property information
How many counties are in the state of Kansas?
105 counties
How are taxes rates expressed in Kansas?
Mills, mill levy
Per K.S.A. 79-503a. “the amount well-informed buyer is justified paying & well-informed seller is justified accepting in open & competitive market, assuming parties acting without undue compulsion” is the definition of what?
Market Value
What is used in an income approach to convert income into value?
Capitalization Rate
What is a statistical technique the Orion system uses for mass appraisal modeling for the comparable sales approach?
Multiple Regression Analysis (MRA)
What are the county appraiser’s three primary task categories?
Discover, List, Value
Name at least three items/services for which property taxes are used.
Roads, public works, schools, hospitals, etc…
What is the highest form of ownership where the owner has all legal rights except those reserved by government?
Fee Simple Interest, Fee Simple Absolute
What is the summary formula for the Cost Approach?
V = LV + RCNLD (IV)
How often does K.S.A. 79-1476 require every parcel of real property to be viewed and inspected?
Once every six years, 17% each year
Name three county officers/offices that are elected.
Clerk, Commissioner, Register of Deeds, Treasurer
“Includes not only the land itself, but all buildings, fixtures, improvements, mines, minerals, quarries, mineral springs & wells, rights & privileges appertaining thereto”
Real Property
What are the three main types of deprecation?
Physical, Functional, Economic
Which approach to value has multiple steps that find comparable properties and applies adjustments to them to determine subject’s value?
Sales Comparison Approach
Double
What does CDU measure? What are the three parts of CDU?
Residential Depreciation; Condition, Desirability, Utility
What is the primary source of revenue for local government?
Property Tax
“Every tangible thing which is the subject of ownership, not forming part or parcel of real property”
Personal Property
CALP is an acronym for what model analysis using the sales comparison, abstraction, or allocation methods?
Computer Assisted Land Pricing Model