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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
Taxing jurisdictions levy tax on property following a preliminary or final determination of value. Property taxes in the United States generally are due only if the taxing jurisdiction has levied or billed the tax. The form of levy or billing varies, but is often accomplished by mailing a tax bill to the property owner or mortgage company. [48]
An extra tax on home sale profits over $250,000 was designed to target wealthy homeowners. But as home values have soared, the tax is impacting middle-income people, too. Two older homeowners told ...
You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
An appraisal is a process used to determine the value of a home. Usually, if the homebuyer is seeking financing for the purchase, the bank or mortgage lender will require the property be appraised.