What is an appraisal?

An opinion of a defined value, for a defined property interest, as of a defined date, supported by market evidence and developed under the Uniform Standards of Professional Appraisal Practice. See What Is an Appraisal.

What is the difference between an appraisal and an assessment?

An appraisal is an individual analysis of one property by an appraiser engaged for that purpose. An assessment is a value developed by your locality for taxation, usually through mass appraisal — statistical models applied across thousands of parcels at once, calibrated to perform well in aggregate rather than on any single property. The two can differ substantially without either being improper.

How much does an appraisal cost?

It depends on the property, the assignment, and the intended use. A straightforward single-family residence in our routine service area is priced very differently from a 90-acre farm, a partial interest, or a retrospective valuation supporting litigation. Tell us about the assignment and we will quote a fee and a turn time.

What is a date of death appraisal?

A retrospective appraisal with an effective date set at the decedent’s date of death, developed using data available as of that date and reflecting market conditions as they existed then. The applicable effective date is determined by the estate’s attorney or accountant; we appraise to the date provided. See Appraisals for Estate Settlement.

How far back can a retrospective appraisal go?

Considerably further than most people expect, provided sufficient data exists for the market as of that date. The practical limit is data, not the calendar. Tell us the date and the property and we will tell you what can be supported.

Do I need an appraisal for a divorce in Virginia?

Whether an appraisal is required in your matter, and for what effective date, is a legal question for your attorney. What we can tell you is that where real property is a significant marital asset and the parties disagree on its value, an independent appraisal is the evidence a court is equipped to weigh. We appraise to the effective date counsel provides.

Who can appraise property for an estate?

Requirements depend on the filing and the intended use, and your attorney or accountant should confirm what the matter requires. Generally, estate work calls for a state certified appraiser, and filings involving the Internal Revenue Service carry their own criteria for what qualifies. We routinely perform estate work for attorneys, accountants, and fiduciaries.

What is an appraisal review?

An independent assessment of whether another appraiser’s work is credible — whether the data supports what was reported, whether the methods were properly applied, whether the scope of work fits the intended use, and whether the reasoning is documented. It is developed and reported under USPAP like any other appraisal work. See Appraisal Review Services.

My appraisal came in low. What are my options?

If the report contains a factual error, missed a relevant comparable sale, or reached a conclusion the analysis does not support, a reconsideration of value may be available through your lender. If none of those is true, an ROV is unlikely to change anything. A review will tell you which situation you are in. See Reconsideration of Value.

How are appraisal adjustments supported?

From market evidence — paired sales, statistical analysis, cost data, market participant behavior, and other recognized methods, applied to the market the property competes in. An adjustment that cannot be traced back to evidence is not supported, whatever the number attached to it. A credible report states not only what adjustments were made but how they were derived, and why an adjustment was not made where a reader might expect one.

Do you work outside the Charlottesville area?

Yes. Our routine assignment area is Central Virginia; for complex property and non-lending work we accept assignments in nearly every county and independent city in Virginia. See Coverage Area.

Will you appraise the property for the value I need?

No. Accepting an assignment conditioned on reaching a predetermined value, or taking a fee contingent on the outcome, is prohibited by USPAP. It is also self-defeating: a report developed that way is one the other side can discredit without ever reaching the analysis.