We will be pleased to review any professionally prepared appraisal completed within the past year.
Upon examination, it is common to find substantial appraisal errors and a wide disparity between the few comparable sales used and estimated value selected on one hand & all the other available comparable sales and the value they support on the other.
Please keep in mind that our first obligation is to make sure that similar homes have similar assessments in order to preserve basic tax fairness. Also, in the interest of fairness, we cannot adjust an assessment based solely on a private appraisal without review.
We recognize that not all appraisals are performed for the same purpose or carried out in the same way. Assessments are performed for the purpose of ensuring tax fairness while a Refinance or Mortgage appraisal is performed to reassure the lender that the loan amount is within a certain range of acceptable risk. In contrast, estimating the cost to replace a building in the case of fire is the only concern of an Insurance company.
While we find that Comparable Market Analysis prepared by Realtors often ignore fundamental appraisal principles, we will be pleased to review any professionally prepared market analysis completed within the past year.
Each of these appraisal purposes may conclude that a different value is appropriate for the same property on the same day.