Within our web site, you can obtain information about what an appraisal is, why you might need an appraisal and some additional information that you may find helpful. If you have a question about real estate appraisals, a general question about your property or if you have a question and you are not sure who to direct it to, please ask us. We will do our very best to provide you with the information you need. We are here to serve all your appraisal needs. www.jwdappraisal.com
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A client calls an appraiser asking for comp check. The client might or might not specify the subject property, but does indicate its bedroom and bathroom count, its size, its age, etc. The appraiser would then research recent sale's of home's with similar characteristic's of the request, but not analyze the data, nor form a value opinion based on it. The “client”, then, drew its own value conclusions. We already know that providing a value would constitute an appraisal and would require USPAP Compliance.
Many appraisers are uncomfortable with this, and needed to know if this practice would violate USPAP. The answer to this question is on the August 2009 TAF Q&A.
Is an appraiser bound by USPAP for a particular assignment, when must the appraiser comply with the USPAP appraisal reporting requirements?
Whenever a value opinion is communicated, compliance with USPAP’s appraisal reporting requirements is required. It may seem obvious in many cases that an appraiser must abide by the appraisal reporting requirements. However, in other cases it is not as obvious, such as the following examples
Selecting and providing a client with comparable sales for a known property is an appraisal assignment as defined by USPAP.Informing a property owner that their property tax assessment is too high is an appraisal report as defined in USPAPProviding an opinion of market rent is an appraisal report as defined in USPAP.”
It appears that if a client or a potential client were to ask an appraiser for a list of comparable sales in a specific neighborhood and nothing more, the appraiser could provide this data. However, if a client or potential client were to specify either the subject property or the property type in that neighborhood, TAF would consider providing this data to be an appraisal and the appraiser would need to comply with Standards ONE and TWO of USPAP.
TAF has no authority to enforce appraisal law, it is governed by the individual states. Based on this decision and interpretation by TAF, it goes without saying that it will only be a matter of time before TAF will expect the states to enforce TAF'S decision.
1. What was the market value of my property on the preceding October 1, the statutory assessment date?
2. Can I support my opinion of market value with credible evidence?
3. If a reassessment/revaluation was applied in the current tax year, is my property assessed in excess of its market value?
4. If a revaluation/reassessment was not implemented, does my assessment exceed market value or does the ratio of my property’s assessed value to its market value exceed the upper limit of the common level range?
Deadlines to Remember:
1. Tax appeals are on assessments only, not taxes, and must be filed by April 1 of tax year; or 45 days from date of bulk mailing of Assessment Notices, whichever is later; May 1st of tax year if revalued or reassessed; or (December 1st for ADDED and OMITTED ASSESSMENTS).
2. All evidence must be submitted to the Assessor and Tax Board at least 7 days prior to the hearing.
Filing Fees:
Assessed valuation less than $150,000: $ 5 $150,000 but less than $500,000: $ 25 $500,000 but less than $1,000,000: $100 $1,000,000 or more: $150 Property Classification:$ 25 No fee is required to contest denial of Deduction for Senior Citizens/Disabled Persons or their Surviving Spouses; Veterans, Surviving Spouses of Veterans or Servicepersons; an Exemption for Disabled Veterans or Surviving Spouses of such Veterans; or REAP (Regional Efficiency Aid Program) credits/benefits.
What is good evidence to convince the Tax Board to reconsider an assessment?
If I recently bought my property, is this purchase price considered?
When will I be notified of the Tax Board’s judgment?
May I appeal the Tax Board judgment?
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