Lending institutions use your property assessment to determine the amount of money they are willing to lend you when issuing a mortgage or home equity loan. Insurance companies factor in your property assessments to determine how much insurance you should carry on your home.

Revenue.wi.gov 2010 Property Tax Guide

The Revenue.wi.gov 2010 Property Tax Guide is available at http://www.revenue.wi.gov/pubs/slf/pb060.pdf.  This property assessment guide was developed for Wisconsin but contains a comprehensive overview of property assessments. Most of the information contained in this guide applies to property assessments throughout the country in an easy read format. It was developed to help the homeowner understand assessments and their role in taxation. You will also find definitions and helpful terms assessors use in their property assessments of home value.

Who Provides Property Assessments?

Each government entity is required to have an assessor licensed in their state to provide the taxing authority with property assessments.  Check with your local taxing authority to determine who oversees your property assessment.  Appraisal services are also available and widely used for insurance purposes in determining assessments for insurance claims or for independent appraisals when appealing property assessments.

Appraisal Institute Appraisal Locator

You can access the Appraisal Institute tool at http://www.appraisalinstitute.org/findappraiser/.  This site can help you locate an appraiser in your area when you need an independent property assessment. The directory covers the entire nation, and the site offers many additional tools.

How Are Home Property Assessments Determined?

Assessors have state guidelines to follow to determine property assessments. A home assessment is based on square footage as well as number of overall rooms in the home. Additional value is added to the assessment for finished basements, quality of construction materials and the amount of acreage the home is located on. Landscaping, pools and outbuildings are also factored into value.  

Improvements made to your home or property is reviewed by the assessor and your property assessment may increase. These types of changes alter the value of your assessment.  Adjustments are made based on similar homes and locations near yours, and the existing market value of those locations.

Orps.state.ny.us Fair Assessments Review

Useful information about property assessments can be learned at the Fair Assessments Review located at http://www.orps.state.ny.us/. This web site is directed at New York State law but contains useful information about property assessments that can be applied to property any region of the country. This information can help homeowners understand home property assessment.

Iaao.org Understanding Your Assessment

This Iaao.org website contains a public information brochure with valuable information regarding the role of assessors in determining your property assessment and how to determine their accuracy. By understanding how property assessments are determined you will be able to make a decision on whether your assessment is fair or if there is cause for you to appeal it. You can access the public information brochure at http://www.iaao.org/.  

Why Check Your Property Assessment Is Correct?

It is Important to make sure your Property assessment is correct so that you are not overtaxed by your community. Property assessments are a matter of public record and each assessor must keep an assessment card which lists information on how your assessment was determined. It is the responsibility of individual property owners to confirm they are being taxed using correct information.  An individual can also access assessment cards for properties comparative to their own to confirm the assessments are fair when compared to nearby properties.

If discrepancies are found in determining the valuation of a property, the homeowner can request that the assessor make corrections. If the assessor disagrees or denies an adjustment to the assessment, the homeowner can take the matter to an appeals board for satisfaction. In this instance, you typically need to have an independent assessment completed by a qualified appraiser licensed in your state.

Property Assessment Directory Database Locator

Using the Property Assessment Database Locator at http://www.propertyassessmentdirectory.com/ can help you find a qualified appraiser. The website contains links to property assessment databases throughout the United States and allows you to search property records online. This can help you determine how other homeowner’s with similar property in your area have been assessed. Using the information could help you receive a deduction in the amount of yearly property taxes you pay if your property has been over valued during property assessment. Deadlines apply to appeals, so if you are considering one make sure you check with local authorities so you don’t miss your window of opportunity.

What Is Commercial Property Condition Assessment?

Commercial Property Condition Assessment is the process of putting a value on a commercial property by determining the overall condition of a building. Value id determined based on overall life expectancy, repairs or replacements for structural and architectural elements of the building, and mechanical and electrical integrity. The exterior grounds including parking lots and their upkeep are also taken into consideration. Lending institutions and investors usually require a commercial property condition assessment be conducted and included in your financial application packet.

Standard And Poors Commercial Property Condition Assessment Criteria

Standard and Poors offers a document which provides guidelines. It has comprehensive checklist to help you locate a reputable company for your assessment. This document supplies useful information about what should be included in any commercial property condition assessment report. You can view the Standard and Poors Commercial Property Assessment Criteria document at http://www2.standardandpoors.com.

Certified Inspections And Consulting

The Certified Inspectors and Consulting firm is licensed in many of the Midwest states to perform baseline Commercial Property Condition Assessments. The official website for the firm is located at http://www.commercialbuildinginspections.net/.The website contains valuable information about how the commercial property condition assessments are performed as well as information on services provide by Certified Inspections and Consulting. They service Illinois, Indiana, Iowa, Michigan, Missouri, Minnesota, Ohio and Wisconsin.