property or the qualities of the neighborhood.
Since an assessed home value is for taxing purposes only, it can be much more or much less than the market value. Ideally, they should be the same, but usually they are not; it is based on a percentage of the value determined by the assessor. From legal descriptions to onsite inspections to comparable home-selling prices, the assessor will take all these things into consideration when appraising a home. Location near industry, high traffic, or potential development will also affect the appraisal.
PROFESSIONAL APPRAISAL
Nothing determines the sale price of a piece of real estate but the price at which it sells. Houses are not same-priced identical cans of tuna on the grocery store shelf or shares of stock valued and traded every day on the stock exchange.
Real estate appraisal (“property valuation”) is the process of arriving at developing a perspective of value for real property. This is allegedly market value - i.e., what a willing reasonable buyer would pay for the property to a willing reasonable seller. Real estate transactions generally require assessments because they happen infrequently, and every real property is unique in features and characteristics.
An appraisal helps in various decision points. The seller can use a pre-appraisal as a basis for pricing. A professional appraisal should be done in cases of divorce and estate sales as part of the process. In a divorce, it is used so both parties feel that the house
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