How is property appraised?
At least once every three years, the property appraiser or a staff appraiser will visit and inspect each property. However, individual property values may be adjusted between visits in light of sales activity or other factors affecting real estate values in your neighborhood. Sales of similar properties are strong indicators of value in the real estate market. To estimate the value of a property, the property appraiser must identify the properties that have sold, their sale prices and the terms and conditions of the each sale. Each transaction must be studied to make sure that it is an arms-length transaction. An arm’s length transaction is a sale involving a willing seller and a willing buyer without any undue pressure or special incentives (such as family relationships). An arm’s length transaction also means that the property was on the market for neither an excessive nor short period of time. Once this is determined, the property appraiser can base the value of a property on sales
At least once every five years, the property appraiser or a staff appraiser will visit and inspect each property. However, individual property values may be adjusted between visits in light of sales activity or other factors affecting real estate values in your neighborhood. Sales of similar properties are strong indicators of value in the real estate market. To estimate the value of a property, the property appraiser must identify the properties that have sold, their sale prices and the terms and conditions of the each sale. Each transaction must be studied to make sure that it is an arms-length transaction. An arm’s length transaction is a sale involving a willing seller and a willing buyer without any undue pressure or special incentives (such as family relationships). An arm’s length transaction also means that the property was on the market for neither an excessive nor short period of time. Once this is determined, the property appraiser can base the value of a property on sales o
Louisiana law requires that properties be reassessed once every four years. However, individual property values may be adjusted between that period in light of sales activity or other factors affecting real estate values in your neighborhood. Sales of similar properties are a strong indicator of values in the real estate market in your vicinity. To find the value of your property, the assessor must first know what properties have sold, and how much they are selling for in todays market. That is why we maintain an accurate data base of real estate information. Each transaction must be studied to make sure it was an arms-length transaction, meaning that a willing seller sold to a willing buyer without any undue pressure or special incentives (such as family relationship), and that the property was on the market for neither an excessive nor short period of time. Once this is determined, we can base the value of a property from other sales of comparable properties. This is the sales compar
Related Questions
- I won the bid on a HUD home, but bid more than the appraised value to ensure that they would be awarded the property. Can I still buy the home for $100 down?
- Why has Zillow undervalued this property on this listing, it has been appraised before rehab higher?
- How is property appraised for property tax purposes?
