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Real estate agents and home appraisers use comps, among other things, to determine home values. In real estate, comparables — known as comps for short — are one of the most important tools ...
If the value of the commercial lot as vacant in "House B" exceeds the value of house as a residence as improved plus demolition costs, the overall highest and best use of this property would be the as vacant value of the commercial lot. For example, assume that "House B" has a value as a house of $200,000, and a site value as a commercial lot ...
The tax rate is applied to the assessed value to calculate the property tax bill. Step 3: Calculate Property Tax. To calculate property taxes, multiply the assessed value or market value of the ...
Land value taxation (i.e. property tax applied only to the unimproved value of land) has a long history in the United States dating back from Physiocrat influence on Thomas Jefferson and Benjamin Franklin. It is most famously associated with Henry George and his book Progress and Poverty (1879), which argued that because the supply of land is ...
Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought. This can be accomplished either by a real estate agent who attempts to establish the value of a potential client's home or property through market analysis or, by a licensed or certified appraiser or surveyor using more defined ...
Real estate appreciation refers to the gradual increase in the value of an owned property over time. This increase in value can occur due to various reasons, such as shifts in the real estate ...
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