What does the Appraisal Date signify?

The Appraisal Date is significant as it marks the specific point in time when the appraiser determines the property's value. This date is crucial because real estate markets can fluctuate, and property values may change due to various factors such as economic conditions, market trends, or changes in the property itself. By establishing the Appraisal Date, appraisers can ensure that they are assessing the property's value based on the most relevant and current information available at that time.

For instance, market trends need to be analyzed based on data relevant to the Appraisal Date, as comparisons with past or future data could lead to inaccurate valuations. Therefore, connecting the value assessment directly to the Appraisal Date ensures the appraisal reflects the market conditions that were present when the value was assigned. This solidifies the relevance and accuracy of the appraisal report in the context of the property’s market position.