A person who fixes a value upon real or personal property is called an appraiser. The value of real property is appraised by the Appraisers and assessors of real estate for evaluating the property tax, finding out sales price, ascertaining mortgage amount and such other purposes. Even though the Appraisers usually evaluate or assess a specific form of real estate like inhabited buildings or business properties, they possibly will be essential to assess any type of real estate. Real estate of all types is assessed by means of the parallel methods. Since the Appraisers and assessors work in vicinity they are familiar with, they have ample knowledge of the environment and other matters influencing the value of the property. The value of a property in an area for the purpose of property or land tax is determined by the appraiser. But properties are evaluated by appraisers for settling an estate or abetting in a divorce settlement or finding sale price for a home. Architectural mode of a structure or location such other uniqueness of the possessions and its environs is taken into consideration by the appraiser. They also consider different facets of the property like the roof of the building, condition of the foundation, renovations done, etc. Pictures of the building are also taken. After considering all these and matters like let out records, locality, prior assessments, revenue prospective and house sale, the appraisers determine the fair value of the property. Based on their research and observations a detailed report with regard to the value of the property including the reasoning and methodology which made them to arrive at the estimate is prepared by the appraisers. Since they have self-reliant customers, a single property is assessed once. Appraisals are prepared for many different purposes.
Different names are given to appraisers based on the properties they appraise. Factual property appraisers give attention to tangible estate such as golf courses, strip malls or housing lands whereas mercantile evaluators assess property used for business-related purposes, like hotels or shops. Unlike commercial appraisers, residential assessors, as its name suggests appreciate the houses or other Estate with 1 to 4 families. General practice assessors value all types of real estate. Local governments take the help of assessors for evaluating property taxes using tax formula. Mass appraisal techniques are used to evaluate homes in a confined neighbourhood at a time. When there is an objection with regard to the assessment, the assessor may assess a single property. A computer- programmed automated valuation model can be used for their allocated jurisdictions. Once a year or every few years the whole community has to be re-valued. An assessment firm does a large amount of the evaluation work of the properties which are officially endorsed by the evaluator. Notices of assessments and taxes are issued to the property owners after reassessing the properties. Since the assessors are accountable for dealing with tax payers, they must be current on tax payment and be able to uphold their property assessments. A database of every parcel with regard to the concerned tax appraisal, magnitude of the property, property charts of the authority is uphold by the evaluators. With the help of laptop computers, electronic maps, digital camera etc, the appraisers and assessors find it easy to prepare a detailed report of each appraisal.