Question

1. What is zoning? AND Give an EXAMPLE of how a CHANGE in ZONING can impact VALUE?

B. Explain the three terms:

(i) Legal nonconforming use

(ii) Legal Conforming use

(iii) Illegal Use

2. Define Assessed Value

b. A Property is assessed for $100,000. If the mill rate is 5, WHAT IS THE AMOUNT OF TAXES?

c. Discuss the differences that may occur between taxing jurisdictions when arriving at assessed value.

Answer 1

1.Zoning is a process refers to municipal or local government laws that dictate how real propertycan and cannot be used in certain areas. Zoning laws can limit commercial use of land in order to prevent oil, manufacturing or other types of businesses from building in residential neighborhoods. These laws can be modified or suspended if construction of the property will serve to help the community advance economically.

Zoning restricts the supply of housing. Examples include minimum lot sizes, maximum building heights, and planning approval processes. As the height of building would be restricted it would affect its value.

B.i.A legal nonconforming use is a use of land or structure which was legally established according to the applicable zoning and building laws of the time, but which does not meet current zoning and building regulations.

ii..Conforming Use is When land is employed in compliance with Zoning ordinances in a particular area. All real property that is privately owned is subject to certain restrictions or Land-Use Control.

iii.Illegal use is the use of something against the laws.

2.An assessed value is the currency value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration

b.$100000*5% = $5000

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