What are the appraisal methods?
Market Approach - The market approach is the most direct method of appraisal. Sales of similar properties are compared to subject properties to establish a value estimate. Market value is the most probable price expressed in terms of money that a property would bring if exposed for sale in the open market in an arm’s length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which the property is adapted and for which it is capable of being used.

Cost Approach - The cost approach estimates the material and labor costs to replace a building with a similar one. If the building is not new, the appraiser must consider its age and how much it has depreciated over time.

Income Approach - The income approach may be considered for income producing properties. This method considers the landlord’s income and operating expenses, and the financial return most people would expect from a given type of investment property.

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1. How are property taxes determined?
2. What is a mill levy?
3. What is an assessment rate?
4. When will I receive a Notice of Valuation?
5. How is the actual value determined?
6. What are the appraisal methods?
7. What is time adjustment?