What does MAV stand for in property appraisal?

Prepare for the Oregon Property Appraiser Exam. Use flashcards and multiple choice questions with hints and explanations for each question. Get ready for success!

MAV stands for Maximum Assessed Value in property appraisal. This is an important term used to describe the highest value at which a property can be assessed for tax purposes, as dictated by laws governing property taxation in a specific jurisdiction.

In Oregon, MAV is a key concept because it sets a limit on how much the assessed value of a property can increase from year to year. This mechanism is part of the system that aims to protect property owners from significant taxation increases due to sudden spikes in market value. Essentially, it ensures that property assessments remain manageable and predictable, which is particularly crucial in areas experiencing rapid growth or market fluctuations.

Understanding MAV is vital for appraisers as it directly influences their assessments and impacts how properties are valued for tax billing. This concept reflects the balance between fair property taxation and the protection of property owners in the face of changing market conditions.

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