Appraised Value: The Ups & Downs Of How Much A House Is Worth.
Determining Fair Market Value is an eternal struggle and major balancing act. Thats because buyers want a house to appraise on the low sideto keep the purchase price down. While sellers want the same house to appraise on the high sideto make the sale price higher. And then youve got the owners of the housewho also want the appraisal to be on the low side, in order to keep the property taxes down.
So with all these different agendas and points of view, how is the fair market value of a real estate property actually determined?
Once a year, your county sends all area homeowners official notices that put a dollar value on their property. And property taxes are based on those dollar values. But before those notices get sent out, a long, detailed process usually takes place. First, the land is valued as if its vacantan empty lot, in other words. Then any improvements are described and measured. Improvements consist of the house and any other structures, pools, sheds, garages, and so forth. Next, most counties check the Marshall Valuation Service Cost Guide. Its a standardized nationwide guide...
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