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The higher the property value, the more likely your property taxes will be high. Location. Areas where there are better schools or higher valued homes will drive up property taxes.
Values may change over time, and many states require taxing jurisdictions to redetermine values every three or four years. The value of property is often determined based on current use of the property, rather than potential uses. [25] Property values are determined at a particular valuation date for each jurisdiction, which varies widely.
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
Otherwise, your home equity is calculated by subtracting your mortgage balance from the home’s current market value. Say your home is worth $350,000 and you owe $150,000 on your mortgage.
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Real estate investors typically use a variety of real estate appraisal techniques to determine the value of properties before purchase. This typically includes gathering documents and information about the property, inspecting the physical property, and comparing it to the market value of similar properties. [6]
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