Residential Appraisal Services: Appraisal vs Assessment


Residential Appraisal Services: Appraisal vs Assessment
Residential Appraisal Services: Appraisal vs Assessment
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Appraisal and assessment are two terms used in the home value determination process, and while they may often be used interchangeably, they are not the same. Residential appraisal services perform appraisals that help homeowners determine their home’s true value for different purposes. A better understanding of appraisal vs. assessment can ensure that homeowners know exactly what determines the value of their home and taxable value.

Residential Appraisal Services: Appraisal vs. Assessment

Tax assessors perform assessments to determine your home’s value for tax purposes. While a tax assessor may consider other aspects of the home in this process, they are less detailed than an appraisal. Your home’s assessment is used for tax purposes. An assessment may change from year to year based on the tax assessor’s determination of the value of your home. 

Ultimately, your assessment affects your total property taxes. If you’re not happy with the assessment of your home, you must make a formal appeal, and any changes in the taxable value will be up to the sole discretion of the tax authorities.

The Purpose of an Appraisal

An appraisal determines the value of your home based on its current state and the value of similar surrounding properties, also known as comparables. An appraisal relies on current real estate values and a thorough home inspection. An appraisal considers comparables in the area but also the size of your home, lot, any remodeling done, and overall amenities. 

During an appraisal, the appraiser will inspect the interior and exterior of your home, count rooms and bathrooms, and evaluate the home’s overall condition. Then, after evaluating the current value of similar surrounding properties, the appraiser will determine your home’s worth.

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Trusting Your Appraisal to the Right Professionals

A residential appraisal can help homeowners secure a mortgage, refinance their home, or complete part of the estate planning process. They can also help homeowners appeal property taxes. If you need an appraisal, you must choose someone you trust who can ensure you understand your home’s value. A residential appraisal service like North Sound Valuation can help you walk through this process from start to finish and remove any stress and guesswork.

Getting the Highest Appraisal

Before you undergo the appraisal process, there are some steps you can take to ensure that you do your part to get the best possible outcome. Ensuring your home is carefully maintained and your systems are in working order is a good first step. Repairing any electrical, plumbing, HVAC, or roof issues is key to proving your home is safe. 

Additionally, if you have any renovation projects you haven’t completed, it’s important to do so before your appraisal. Finishing the project can be the difference between getting a higher or lower home value.

Finding the right company to walk you through this process is the most important first step if you need a residential appraisal. When you choose a company you can trust, you’ll be able to ask questions as needed and get the answers quickly so that you can do your part to ensure that your home is ready for appraisal. That way, you won’t leave anything undone or unfinished in the home and can rest assured you will get the best appraisal possible.

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Sikander Zaman
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