Why appraisal ordered?

To determine the bid or sale price to obtain loans to pay off estate

Taxation authorities such as the IRS often require an assessment to determine the value of property when death occurs. Generally, the victims want to estimate the conservative values that limit their tax liability as much as possible. Most real assessment was ordered by attorneys, not by the victim.

To establish the replacement cost for insurance-

Appraisal obtained to establish the risk of loss in case of fire are often limited to providing replacement or reproduction cost estimate of repairs. Insured value may not represent market value and usually does not include land value. Insurance agent may order an assessment when the standard cost service manuals they do not adapt to an atypical home or structure. Or property owners may order an assessment to contest the annual appreciation increases mandated by some insurance companies, especially when the increase in insurance proceeds in the Premium is not realistic.
To contest high property taxes

If property owners feel that their property is considered too high, then they can order an appraisal from a qualified appraiser to contest the assessment. In certain parts of the country this practice is common, but many property owners who do not realize that this way to reduce their tax burden is available. Return on investment is easy to see when the cost of the assessment is compared to several years of lower taxes. Sometimes the task of including an appearance in front of the equalization board to argue the case of the landowner. Assessors, however, must be careful not to base the assessment fee on the dollar amount of assessed value, which could be a violation of USPAP.


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