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Property taxes may be affected with change in ownership. When buying real estate property, you should not assume that property taxes will remain the same. Whenever there is a change in ownership, the assessed value of the property may reset to full market value, which could result in higher property taxes. Please use our Tax Estimator to approximate your new property taxes.
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.
These appraisers also perform valuations on commercial property ranging from single to multiple tenant office buildings, shopping centers, retail, industrial, malls, hospitals, health care facilities, warehouses, and hotels to multi-family apartment buildings, co-ops, senior housing, condominium developments, and even vacant land, agricultural, and golf courses. Regardless of the property type or local zoning, they'll determine the highest and best use of the project and assess the value using the actual or projected cash flow from the property's rent roll and financial statements, using both cap rates for capitalizing year one net operating income (NOI) and discounted cash flow (DCF) of multiple future income streams. If you're a commercial lender, investor, builder, contractor, architect, or agent, you'll want to use these appraisers to conduct a feasibility analysis of any income producing real estate project you may be considering. They can also help consult on construction costs and projected absorption rates. They generally produce a commercial narrative appraisal when engaged for any commercial assignment.