Appraisers and assessors of real estate provide an estimate of the value of land and the buildings on the land usually before it is sold, mortgaged, taxed, insured, or developed.
Duties
Appraisers and assessors of real estate typically do the following:
Verify legal descriptions of real estate properties in public records
Inspect new and existing properties, noting the characteristics
Photograph the interior and exterior of properties
Analyze “comparables,” or similar nearby properties, to help provide values
Prepare written reports on the property values
Prepare and maintain current data on each real estate property
Appraisers and assessors work in localities that they are familiar with so that they know any environmental or other concerns that may affect the property's value.
Appraisers typically value one property at a time, and they often specialize in a certain type of real estate:
Commercial appraisers specialize in income producing property, such as office buildings, stores, and hotels.
Residential appraisers focus on appraising property in which people live, such as single family homes and condominiums. They only appraise properties that house one to four units.
When evaluating a property's value, appraisers note the characteristics of the property and surrounding area, such as a view or noisy highway nearby. They also consider the overall condition of a building, including its foundation and roof or any renovations that may have been done. Appraisers photograph the outside of the building and some of the interior features to document its condition. After visiting the property, the appraiser analyzes the property relative to comparable home sales, including lease records, location, view, previous appraisals, and income potential. During the entire process, appraisers record their research, observations, and methods used in providing an estimate of the property's value.
Assessors value properties for property tax assessments. Most work for local governments. Unlike appraisers, who generally focus on one property at a time, assessors often value an entire neighborhood of homes at once by using mass appraisal techniques and computer-assisted appraisal systems.
Assessors must be up to date on tax assessment procedures. Taxpayers sometimes challenge the assessed value because they feel they are being charged too much for property tax. Assessors must be able to defend the accuracy of their property assessments, either to the owner directly or at a public hearing.
Assessors also keep a database of every property in their jurisdiction, identifying the property owner, assessment history, and characteristics of the property, as well as property maps detailing the property distribution of the jurisdiction.
