What is property appraised at?
Homes, commercial real property and certain other property categories are appraised at “market value” as of the first of January each year. Market value is the amount of money a well-informed buyer would pay and a well-informed seller would accept for property in an open and competitive market without any outside influence. Land devoted to agricultural use, light passenger motor vehicles, and commercial and industrial machinery and equipment are appraised using a value based method, however it is not “market value”.
Homes, commercial real property and certain other property categories are appraised at market value as of the first day of January each year. Market value is the amount of money a well-informed seller would accept for property in an open and competitive market without any outside influence. Agricultural land, certain motor vehicles, and commercial and industrial machinery and equipment are appraised using a value-based method, however it is not market value.
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?
