An assessment and an appraisal are two different processes used to determine the value of a property.
An assessment is the process of determining the value of a property for tax purposes. The assessed value is used to calculate the amount of property taxes owed on the property. Assessments are typically performed by the local government on a regular basis and are based on various factors such as the size of the property, location, condition, and value of similar properties in the area.
An appraisal, on the other hand, is a professional evaluation of the value of a property performed by a licensed appraiser. Appraisals are often used in real estate transactions, such as when a buyer is obtaining a mortgage, to determine the value of the property for lending purposes. An appraisal takes into account a variety of factors, including the size and condition of the property, the location, and recent sales of similar properties in the area.
Assessments are used to determine the value of a property for tax purposes, while appraisals are used to determine the value of a property for lending purposes. While there may be some similarities in the process and factors considered, the ultimate goal and use of the results are different.
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