2007-01-31 04:56:23 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Both are theoretically supposed to reflect the market value of your home, what it could sell for under normal conditions.
However, the assessor may never have set foot in your home, and may only have access to square footage and exterior inspections to any given property.
An appraisal is more thorough, because they can come in to the home, see any upgrades or amenities you have that may not be visible from outside.
The assessors have to do a broad estimate on thousands of homes, and are therefore more of a ballpark figure, though it is also directly based on similar home sales in your neighborhood, just as an appraisal would be.
Primary difference: the amount of information they have to work with.
2007-01-31 05:36:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
the bank appraisal is based on fair market value of comparable properties while the county valuation is based on an assessed tax value based.....
2007-01-31 05:06:45 · answer #2 · answered by boston857 5 · 2⤊ 1⤋