The notion of appraisal refers to a valuation. Its about act and result of appraising or valuing: indicate the price or the monetary amount Of something.
The appraisal of an asset involves determining its value. According to the context, there are different kinds of appraisal.
In the case of real estate appraisal, consists in define the commercial value of a property using a monetary figure, which is reached after the development of a technical survey which analyzes the characteristics of the property, its condition, etc. Also know as real estate appraisal, this appraisal is made by an appraiser.
The real estate appraisal corresponds to a specific date, since it is generated according to current conditions. It should be noted that the age of the property is one of the data that affect the valuation.
The idea of tax appraisal, on the other hand, alludes to a appraisal carried out by the treasury. This valuation is not commercial: its objective is not to promote or allow a sale, but the application of a tax or one rate.
The usual thing is that the commercial appraisal is higher than the tax assessment. In other words, the sale price of a property or land in the market It is higher than the value established by the Treasury.
Other types of appraisal are mortgage appraisal (the value of a property is defined with a view to applying for a mortgage loan) and the appraisal for insurance (used for the definition of a policy of insurance). Each one has its peculiarities, beyond sharing the essence.
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