West University Place Texas Real Estate Appraisals

An appraisal is a scientific approach to concluding a likely value for a home. The process has six key phases including: definition of the problem, preliminary research and appraisal plan, data retrieval and analysis, applying the 3 approaches to value, reconciliation, final estimate of market value. The major milestones of this process involves the application of the 3 approaches to value consisting of the Market Data Approach, the Cost Approach and Income Approach. All approaches that are completed are reconciled and settled to a single opinion of value which represents the most likely market value for the property. The market data approach to value is commonly the most applicable when concluding price of residential properties.

There are several justifications for this. Since a property appraiser personally measured the property, we’ll surmise they were the accurate party. The appraisal authority commonly rounds to the nearest foot, uses aerial pictures to calculate size, and rarely perform measurements firsthand of houses. For newer house the appraisal authority will often use square footage supplied by the builder. If a homebuilder strays from from the blueprints, or there are changes requested to the floor plan that aren’t made known to the county, this can result in discrepancies. It’s also not unheard of for the appraisal authority to report the square footage of the incorrect builder plans completely!

Your appraisal has no impact your future property tax bill. The results are shared only between the client and the appraiser, as well as your bank if you are refinancing or purchasing. Your property taxes are determined by a local tax authority each year. However, if you chose to enlarge your home or do any extensive remodeling that must have permitting, the tax assessor may be triggered to perform a new assessment of your home’s value. Because county tax authorities are a government body that can directly influence the valuation process, house appraisers must comply to any inquiries local tax authorities may have. An independent appraisal is a robust tool in the task of contesting your real estate tax values.