The Appraisal Profession
5 important questions on The Appraisal Profession
What purposes is used for Historic Appraisal?
1- Capital gains tax,
2- For probating a will and selling an estate (date of death),
3- For expropriation (date of registration of survey),
4- For settling a fire insurance claim (date when the fire occurred), or
5- For a marriage separation (date of separation or divorce).
What accuracy of appraisal depends on?
This includes inspection of the neighborhood, the subject property, and comparable sales.
• The sales history of the property from MLS® is useful if there are no comparables.• Comparison of taxes of the subject with comparables is required as lower taxes are an attraction to buyers.
• The demand and supply scenario in the area is analyzed.
• The highest and best use of the property is determined
What are effects of Zoning and Municipal Information?
• Zoning and presence or lack of building permits can impact value.
• The appraiser needs to know if the property conforms to zoning or is a legal non-conforming structure.
• If non-conforming, a requisite Assumption and Limiting Condition should be added to report.
• Only a lawyer can provide an opinion whether or not the property conforms to zoning.
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What are different uses Improved Site?
• Current Use: The current use may be the highest and best use if –
➢ the improvements conform to zoning,
➢ they conform to other homes in the neighbourhood, and
➢ they add value to land.
• Other Use: If the current use is not the highest and best use the appraiser would look at an alternative use.
What are highest and best use of properties?
• Zoning Conformance: What is or not allowed to be built on the site? The highest and best use should conform to zoning.
• Physical Characteristics: Is the proposed use physically possible depending on size and shape of site?
• Economic Feasibility: Is there a demand for proposed use and would it be economically feasible?
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