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Can a Property appraiser assess the value of a condo higher than what it was purchased for?
Wiki User
∙ 14y ago
An appraiser can assess the value of any real estate at any amount of money.
The reasonable-ness of the appraisal is based on local comparative sales, called 'comps'.
Wiki User
∙ 14y ago
Yes, a property appraiser can assess the value of a condo higher than what it was purchased for. The appraiser considers various factors such as location, market conditions, upgrades, and comparable sales data to determine the current value of the property. If these factors indicate that the condo's value has increased since its purchase, the appraiser may assess it at a higher value.
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What is difference between government appraisal and landowner appraisal?
The government - in the form of the local tax appraiser - comes up with a value (i.e. appraises) property so that the government knows how much tax to assess that property. Alternatively a landowner can hire a private appraiser to give the landowner an idea of how much the property might be worth or sell for, a value which could be useful in determining how much insurance to have, or whether to refinance, or estate planning reasons, etc.
The Purpose of an Estate Appraiser?
An estate appraiser is in charge of assessing the true value of a house and the property that the house is located on. The appraiser is an expert in property values. He or she generally works for a real estate agency, insurance company, or bank that offers mortgages.Establish the Value of the EstateThe main goal of an estate appraiser is to determine the actual market value of a house, including all of the land and assets that are included with the house. The appraiser will take into consideration the condition of the house and property as well as the current value of other houses in the same area. Sometimes the value of a house will be much higher simply because it is located in an expensive area. The appraiser looks at every detail of the property, from the plumbing to the shingles on the roof, before making an official statement of the value of the estate. If the homeowner intends to rent the property out, the appraiser provides an estimate of what the property’s rental value is so that the owner can establish a fair price. Most owners set a rental price that covers all of their costs for a property.Provide Accurate Quotes for Insurance PurposesWhen the value is determined by an estate appraiser, it impacts several different expenses related to the property. The most important aspect of an estate appraisal for the property owner is that it gives the home insurance company a concrete value to work from if the property were ever damaged. The homeowner can decide what type of insurance to carry on the home aside from the typical homeowner’s insurance depending on the value that the appraiser assigns to different parts of the property.Determine Tax LiabilityAn appraiser’s value for the property is also recognized by the government as the taxable value of the house. This is the amount that the federal and state government will use to compute the homeowner’s tax obligation each year. If the estate’s value goes up dramatically, the taxes on the estate will also go up dramatically. Many homeowner’s prefer that their property value increases in a gradual manner instead of quickly.
Why did land owners have higher social status is ancient Greece?
Land was fixed property. The more property, the higher the status. Other sources of wealth were transitory.
Is property insurance higher then life insurance?
yes
3 Surprising Times That Real Estate Appraisers Are Crucial?
Real estate appraisers are an integral part of any property sale, but they do more than valuate homes and commercial buildings when there is an imminent sale. They are often crucial in other proceedings involving real estate that aren't as well known. Here are 3 surprising situations when they are also needed.Estate planningMost people do not follow the real estate market closely enough to be able to valuate their own properties. Having an appraiser set up a report that shows the value of property in an estate allows people to know what to expect in the future so that there is no surprise when Uncle Sam's one room home sells for less than he bought it, for example.City or township revaluationsEvery few years assessors have a big job--to reassess all the property values in their localities. Many are shocked to get a letter in the mail saying their property is valued much higher or much lower than they expected--which means they pay more on the taxes associated with their property. A real estate appraiser can complete an appraisal and argue the assessor's conclusion, which in some cases results in favor of the homeowner.Bank LoansHaving an independent real estate appraiser look at property allows the owner to have some leverage when he or she completes a bank loan application. An owner of property is in a position of power when armed with good information from a professional, and knowing how much a piece of property is worth in the current market is helpful when talking about collateral and repayment terms.The expertise and the knowledge that a real estate appraiser brings to the table is sometimes overlooked by those who aren't involved in the real estate industry. Knowing when to call one is often a sign of foresight, prudence, and good planning. Talk to a real estate appraiser and see what he or she can do for you.
What physical property makes different types of sounds different?
Higher frequency, higher pitch.
What property of sound determines the pitch of a sound?
It is the frequency of a sound that determines its pitch. The higher the frequency, the higher the pitch.
What describes a physical property?
The substance has a higher density than water.
Where can someone purchase window rods?
Basic window rods can be purchased from a local all-in-one type store. Somewhat higher quality window rods can be purchased at most home improvement stores, while even higher quality window rods can be purchased at home decoration stores and furniture stores.
What are appeal property taxes?
Appeal property taxes is the act of arguing that your property is not worth nearly as much as it is made out to be. The higher the value of your property, the more taxes you will pay, which is why some people appeal this value estimate.
In case of an accident with a property damage of 750 or higher to who should each driver file a report SR1 to?
In case of an accident with a property damage of $750 or higher, each driver must file a report (SR1) to the:
Can you get refinanced if the property is rental property?
It is possible to get refinanced for a rental property. The type of refinance would be called non-owner occupied real estate. Rates are often higher for rental property because they are not your primary residence.
