PA Certified Evaluator Latest Update Graded A+

PA Certified Evaluator Latest Update Graded A+ Depreciation loss in value from cost new from all causes for property having a limited economic life. (a) Loss due to wear and tear (b) Presence of features that are deficient (c) Excessive, currently undesirable (d) External factors causing loss in value Accrued Depreciation the total depreciation from all causes taken on an asset from the time of purchase to the present External Obsolescence loss in value as a result of impairment in utility and desirability caused by factors external to the property USPAP Uniform Standards of Professional Appraisal Practice Intangible Property nonphysical assets, including but not limited to franchises, trademarks, patents, copyrights. (something we can't see) Market Value A type of value, stated as an opinion, that presumes the transfer of a property. Ethics Rule: An appraiser must promote and preserve the public trust inherent in appraisal practice by observing the highest standards of professional ethics. An appraiser must: perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests. How many years must an appraiser retain a work file? a period of at least 5 years after preparation, or at least 2 years after the final disposition. An appraiser must be.... competent to perform the assignment, acquire the necessary competency to perform the assignment, or decline or withdraw from the assignment. Apex on the street 35% Apex in the rear 65% An assessor is responsible for himself, tax payer, and taxing authorities Base Year the year in which property values are based. Predetermined Ratio A percentage of the base year value, set by the county commissioners to calculate taxes Assessed Value: Total value of base year less predetermined ratio. Taxable Assessed Value Total value of base year less predetermined ration What are the 4 agents of production Labor, Management Coordination, Capitol, Land S.L.U.G.E.R. Right to sell, Right to lease, right to use, right to give away, right to give away, right to enter and exit, right to refuse to do anything with. P.E.G.S Physical, Location, Location, Location Economic Governmental/Legal Social March 17, 1987 The Assessors Cert. Act requires that all persons responsible for the valuation of real property to be certified by the State Board of Certified Real Estate Appraisers. (THIS ACT SHALL NOT APPLY TO COUNTIES OF THE FIRST CLASS (PHILADELPHIA COUNTIES) Once certified an assessor must be re-certified every.. 2 years To become re-certified, the assessor must accumulate 28hrs of continuing education credits. (7hrs of USPAP) 2hrs on the assessors certification law. Act 28 1992. The AAP was founded in: 1949 Preamble: Certified PA Evaluators shall comply with Act 28 1992 The assessor and his staff should always consider themselves.. "Good Will" ambassadors Where can the PA statutes regarding assessments and taxation be found? Title 53 Pa. Purdons Sections Real Estate: The physical land and everything attached to it Real Property: Sum of the intangible rights in lands and improvements to land. It refers to the interest, benefits, and rights inherent in the ownership of physical real estate. Personal Property Moveable items not permanently affixed to, or part of, the real estate. Common Level Ratio: The ratio of the current existing assessments to the current validated sale price of properties that have sold. Set by S.T.E.B.(State Tax Equalization Board) before July 1st. (IF THE QUESTION IS "ON OR BEFORE?" Correct answer would be June 30th.) March 1st The last day to apply for the Homestead/Farmstead exclusion(ONLY THE BUILDING) June 1st Last day to apply for the Clean and Green program for the next tax year. July 1st Public notice must be given tax rolls open for public inspection STEB must certify to all assessment offices their CLR'S September 1st Last day to appeal and annual assessment; August 1st if the county has passed a resolution changing the date. October 31st All appeals must be heard and decided November 15th All notice of appeal decisions must be mailed. (Assessors Certification date.) Any aggrieved party has ________ days from the date of the notice to appeal to the ______________. 30 days; Court of common pleas of PA Once the court of common pleas has ruled, any aggrieved party has______ days to appeal to the _____________. 30 days; Commonwealth Court of PA Once the Commonwealth Court of PA rules any aggrieved party has_______ days to appeal to the____________. 30 days; Superior Court of PA The taxpayer trusts and expects the assessor to ___________ and __________ administer assessments. Uniformly and Equitably The assessment function involves__________, _________ and _____________property discovery, listing and valuing. Value The present worth of future benefits arising from the ownership of real property Cost The sacrifice made in terms of money, time or labor to acquire property Price The quantity of one thing which is exchanged for another; the amount of money paid, asked or offered where sale is contemplated. (Sets the upper limit)