What is typically assessed to determine the Appraised Value of a property?

To determine the Appraised Value of a property, sales data from comparable properties is typically assessed. This method, often referred to as the sales comparison approach, relies on analyzing recent sales of similar properties in the same area to establish a baseline value. This approach helps ensure that the appraisal reflects current market conditions and provides a realistic estimation of what the property is worth based on actual transactions. Appraisers consider factors such as location, size, condition, and features of comparable properties to make a well-informed judgment about the appraised value.

While historical significance and age of the building can influence value, they are not the primary focus in standard appraisal practices. Similarly, the owner's estimated value and government regulations may factor into the appraisal process, but they do not serve as the foundational data point for determining value. Instead, the use of sales data from comparable properties provides a more objective and market-driven method of appraisal, making it the most reliable source for establishing the property's value.