A property assessor is a person who determines the worth of different properties. These calculations are then used to calculate how much property taxes the owner must pay to the local government. It also serves as a rough guideline for how much insurance the property requires. The job description of a property assessor is similar to that of an appraiser or an insurance adjuster. The difference is that these other jobs are with private companies, whereas an assessor works for the city directly.
The terms “property assessment” and “real estate appraisal” are frequently interchanged. A real estate appraisal is a calculation of a property’s worth based on current market conditions. Its purpose is to estimate how much the property might sell for on the open market, which may or may not be the same as the property’s true value. In fact, it is frequently much more than a property appraisal on the same property.
To arrive at a fair property value, a government property assessment combines the estimated cost of the property and its buildings with the estimated value of the surrounding properties. Despite the fact that a property assessment considers some aspects of market value, it is frequently ten to fifteen percent less than a real estate appraisal.
For his or her term as a local government official, the assessor is either appointed or elected. During the term, the assessor will determine the value of each property using onsite visits, statistics, and computer-generated tools. While on-site visits are common, the property assessor is not required to enter any of the property’s buildings. He’ll rely on meticulous notes he took about the property and its distinguishing features. Property assessment isn’t an exact science, so the property owner usually has the right to appeal, where he can present more detailed evidence that contradicts the previous assessment.
The property assessor is not responsible for determining certain things. The assessor is not in charge of determining a property owner’s tax bill, nor is he in charge of collecting those taxes. The property assessment is used to calculate the tax bill for the owner, but the property assessor has no role in the tax calculation. The assessor is also not in charge of determining the rules by which the property is valued or enacting property tax laws. As determined by the local legislature, those regulations are usually in place by the time the assessor takes office.