fair market values: Assessments/Appraisals - What's the Difference?
- 11/20/08 10:46 PM
There is a difference between "appraisals" and "assessments" although the words are commonly used interchangeably. A educated consumer knows the differences:Assessments
Completed using an automated valuation program. Generally done once per year. Used to determine real estate taxes. Should be within a margin of error of +/- 10%. Appraisals
Done by licensed appraiser who looks at the home, and comps. Values property "real time" (as of the date of the report). Used to support sales prices or loan amounts. Should be as close to Fair Market Value as possible. Fair Market Value is what a willing buyer will pay for a … (1 comments)
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There is a difference between "appraisals" and "assessments" although the words are commonly used interchangeably. A educated consumer knows the differences:Assessments
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