What Are The Three Basic Approaches To Assessing Property

There are a couple of different approaches that can be taken to determine a property’s market value. The first important step to finding values of properties is making sure you understand the real estate market you are selling it. By knowing the area and what types of properties sell in these areas, it gives to person assessing the property a better view of what the seller is able to get for the property in question. These people would know what people in the area are looking for in their homes as well as what aspects of the things around them can get them more money when selling.
The three most used approaches for assessing a property are the market approach, cost approach, and the income approach. When using a market approach, the assessor compares the property to similar properties that have …show more content…
The first option is to really take a closer look at the assessment. Making sure what is described in the assessment really does sound like your home. For example, is the size of the house correct on the assessment, have they added that you have a pool or garage? If you feel that the assessment you got was incorrect, you can always have another person evaluate the property. Next, make sure that taxes are up to date. Sometimes calculations are made on the peak of tax season instead of current rates. It is important to make sure you are getting new assessments or acting as quick as possible when a property’s value is determined. There are so many different changes in today’s world and it is important that the information handed to you is still accurate. Lastly, building yourself a case. If you find that the assessment was not accurate then you are more than welcome to build a case for yourself. This includes taking pictures of every part of the property, having the right measurements of the home laid out, and any other evidence to show that the assessment is