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A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. Thus, the definition of value used in an appraisal or Current ...
Valuation (finance), the determination of the economic value of an asset or liability Real estate appraisal, sometimes called property valuation (especially in British English), the appraisal of land or buildings; A distinction between real prices and ideal prices in Marxist theory.
In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
In contrast, an appraiser is paid solely for the job of determining the property’s value, which limits any potential conflict of interest. Cost: Broker price opinions are also less expensive ...
An appraisal is a process used to determine the value of a home. Usually, if the homebuyer is seeking financing for the purchase, the bank or mortgage lender will require the property be appraised.
If the value of the commercial lot as vacant in "House B" exceeds the value of house as a residence as improved plus demolition costs, the overall highest and best use of this property would be the as vacant value of the commercial lot. For example, assume that "House B" has a value as a house of $200,000, and a site value as a commercial lot ...
The valuation of a property with proposed improvements or partially completed improvements as if completed will require the use of an extraordinary assumption or a hypothetical condition depending on whether the date of valuation is prospective or contemporary An appraisal of a property with proposed multi-tenant improvements may involve the ...
Real estate economics is the application of economic techniques to real estate markets. It aims to describe and predict economic patterns of supply and demand . The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets, while the research on real estate trends focuses on the business ...