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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.
The lender will then justify the loan amount (and other risk-based pricing) factors as a percentage of the appraised value of the property. [2] Appraised values can also be made after a property sale. For example, home owners wishing to gain access to their increased equity in their home may obtain a mortgage valuation to prove its value has ...
Values may change over time, and many states require taxing jurisdictions to redetermine values every three or four years. The value of property is often determined based on current use of the property, rather than potential uses. [25] Property values are determined at a particular valuation date for each jurisdiction, which varies widely.
The value of the real property, taking the form of man-made structures and machinery, generally decreases relative to the value of the land alone. Where industrial, agricultural, and commercial property values depreciate as a result of contamination, extraction, and expected wear and tear, respectively, residential property value depreciation ...
The square kilometre (square kilometer in American spelling; symbol: km 2) is a multiple of the square metre, the SI unit of area or surface area. In the SI unit of area (m 2), 1 km 2 is equal to 1M(m 2). 1 km 2 is equal to: 1,000,000 square metres (m 2) 100 hectares (ha) It is also approximately equal to: 0.3861 square miles [2] 247.1 acres [3 ...
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