Georgia Appraiser Certification Practice Exam

The classification that involves properties with specific provisions for fair market value for the first ten years is related to Brownfield properties. Brownfields are typically previously developed lands that may be contaminated or perceived as contaminated. To encourage the redevelopment of these properties, many jurisdictions implement specific financial incentives, which can include a set fair market value for the initial years post-redevelopment. This creates a favorable environment for investors and developers, helping to revitalize areas that might otherwise remain underutilized or abandoned.

The provisions attached to Brownfield properties are critical because they can make redevelopment financially viable, addressing concerns about contamination and remediation costs. This long-term approach to property value during the first decade after redevelopment is a significant motivator for investing in these areas.

Other classifications like rehabilitated historic property, landmark historic property, and timber property each have distinct characteristics and incentives but do not share the specific fair market value provisions for the same duration as outlined in the context of Brownfield properties.