A property's appraisal value is influenced by recent sales of similar properties and by current market trends. The home's amenities, the number of bedrooms and bathrooms, floor plan functionality and square footage are also key factors in assessing the home's value. The appraiser must do a complete visual inspection of the interior and exterior and note any conditions that adversely affect the property's value, such as needed repairs.
The final millage rate will be voted upon as part of the final budget approval in September. Each taxing authority holds a public hearing for that vote. The hearing dates and contact information are provided on the TRIM notice. The new fiscal year begins October 1 and the Pinellas County Tax Collector sends out the tax bills on or about November 1.
Real estate valuation in New Zealand is regulated by the New Zealand Institute of Valuers ('NZIV') and the Valuers Registration Board of New Zealand ('VRB'), both of which are statutory bodies established under the Valuers Act 1948 (NZ). The NZIV remains the statutory professional body for valuers in New Zealand, with perpetual succession under the Act (which is under review as at 2015). The NZIV can make Rules as lower level legislation and has a Code of Ethics. The NZIV Rules were last changed in 2012 and remain current. The VRB has jurisdiction in relation to serious matters affecting the registration of a valuer including discipline where a valuer has acted in such a way as to meet the threshold. The Valuers Act 1948 sets the threshold under s31 as matters where a valuer could be struck off the register of valuers. The NZIV has power for discipline for relatively more minor matters. The NZIV governs NZIV members and has power to discipline members and fine them up to $500, admonish members or terminate their membership. The designations "Registered Valuer" and "Public Valuer" are legally protected under the legislation, being reserved for Valuers Registered under the Act. The NZIV, under the Act, can admit non-valuer members (such as non-valuer land economists).
In the United States, appraisals are for a certain type of value (e.g., foreclosure value, fair market value, distressed sale value, investment value). The most commonly used definition of value is Market Value. While Uniform Standards of Professional Appraisal Practice (USPAP) does not define Market Value, it provides general guidance for how Market Value should be defined:
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The type of real estate "interest" that is being valued, must also be known and stated in the report. Usually, for most sales, or mortgage financings, the fee simple interest is being valued. The fee simple interest is the most complete bundle of rights available. However, in many situations, and in many societies which do not follow English Common Law or the Napoleonic Code, some other interest may be more common. While there are many different possible interests in real estate, the three most common are:
The general condition of the building and grounds will also be taken into consideration. For example, the status of the foundation and the condition of the roof may require repairs and renovations. In addition to the building itself, the land that it stands on can also play a factor in the analysis. It is common for an appraiser to take photographs of the property, both inside and out in order to document its condition.