You Need To Know The Difference Between Reappraisal And Reassessment
Posted on: 23 December 2015Share
When it comes to valuing your house, there are two different terms that you will hear being thrown around. While they may sound similar, they are actually different. They both value your house and your property but do it for different reasons.
When you have an appraisal done, a professional appraiser comes and evaluates your property and house. They are looking for things like what basics your house has, such as how many bathrooms, bedrooms, and rooms in general your house has. After checking for the basics, the appraiser will start looking at other things that can affect the value of your house. Those include the amenities like pools, whirlpool baths, and kitchen appliances. The appraiser will also take information about your plumbing and electrical systems.
After the appraiser has looked at your house, they will check out your property. The acreage that your house is sitting on, as well as how close you are to main streets, and what shape your yard is in all contribute to the appraiser's valuation of your house.
The reason that an appraisal is done is because you want it done. You hire the appriaser to come out and value your house and property. Generally you do this because you are looking to sell or refinance your house. If you are getting ready to buy a new house, the mortgage company you are working with might require an appraisal so that they know that it's valued at what you are asking for.
A reassessment will look at many of the same things that a reappraisal does. The assessor will look at your property and your home and compare them with comparable houses in the area. Taking that information, plus the information that they get from inspecting your house and property, the assessor will be able to come up with a value for your house.
The biggest difference between the two processes is that a reassessment is down by a governmental agency. They are reassessing your property to adjust your property tax. Reassessment generally happens in blocks. For example, all the properties within the same area will be reassessed at the same time.
If you need to have your house re-valued, you need to know the difference between a reappraisal and a reassessment. The appraisal is the one that you pay for so that you can get a value for your house that is important to you. For more information, talk to a company like East Coastal Appraisal Services.