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A Comparison Of GA Appraisal And Assessment Values

August 11, 2015

From Loan Officer Joy James

From Loan Officer Joy James

People often mistake appraisal values with assessment values. As a real estate consumer, it is useful to distinguish what these words mean. A comparison of appraisal and assessment values can be found in this blog.

What Are Assessment Values

Localities charge a property tax on residential properties. The sum is determined by the tax rate multiplied by an assessed value of the real estate. Assessments are created only for levying taxes and do not really reflect the current market value. Each city formulates assessed value in a different manner. They traditionally look at the amount of land, interior elements, and exterior features such as decks. They can re-evaluate real estate values and/or elevate the tax calculation at regular intervals.

What Are Appraisal Values

Appraisals are a calculation of the current value of a home by an authorized individual using specific calculation methods. Lenders hire appraisers to validate that a loan is not being provided for higher than the current market price of a property. It is a way of evaluating their investment given that they hold the majority of financial burdern until you reduce the balance of your loan. Appraisers always pull at least three comparable properties that previously sold in the a similar town. Because the market conditions will adjust constantly, comparing recent figures is vital for an accurate appraisal.

A Comparison Of Appraisal And Assessment Values

The market value of a listing is ascertained by what a purchaser is offering to pay, which will change constantly depending on related factors such as the economy. Buyers should avoid comparing assessed figures with the purchase price of a property since they do not adjust in tandem. Some municipalities do not often change assessments and increase tax rates instead. Only an appraisal will provide an accurate determination of current market value. This article on a comparison of appraisal and assessment values was compiled by Guaranty Mortgage. For additional information on this and other related topics, contact us at 770-614-7425 or http://www.guarantymortgage.com.

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