Property Appraisers and Assessors
Additional Information
Duties
Assessors and appraisers often perform the following tasks:
- Ensure that property descriptions are accurate by examining official records, for example.
- Examine the property and make a note of its features.
- Take a picture of a piece of property or an article of clothing.
- Comparable, or products or attributes with similar characteristics, are used to assist determine values.
- Prepare property valuation reports in writing.
- Prepare and keep up-to-date records of all physical assets, including real estate.
- When it comes to determining the worth of a property, property appraisers and assessors operate in areas or with objects they are familiar with.
It's the job of appraisers to determine the worth of personal and company property goods like jewelry and paintings. Fair market value, replacement cost, or liquidation at a certain time for personal and company property is what they provide their clients with within their reports.
These employees may utilize a wide range of information and methods to evaluate the worth of private and commercial property. Software, the internet, and personal data may all be used to estimate the cost of replacing the item and how much money the property will bring in when it is sold.
Generally, real estate appraisers evaluate the worth of land and structures before they are sold, mortgaged, taxed and insured, or developed in any way. It is common for them to focus on a single sort of property at a time while valuing a home:
It is the job of commercial appraisers to focus on income-producing properties, such as office and retail buildings.
Residential appraisers specialize in valuing properties where people reside, such as single-family houses and condos. Only properties with one to four dwellings are appraised by them.
Appraisers consider the property's view and the neighboring noise of the roadway when determining the value of a property. It is also important to look at the general condition of the structure, including its foundation and roof, as well as any improvements. Photographs of the outside and inside of the building are taken by appraisers to document its condition. After inspecting the property, the appraiser compares it to recently sold homes in the area, taking into account factors such as the number of leases, the location, the view, and past valuations. All the research, observations and methodologies utilized by appraisers are documented throughout the whole process.
Assessors of property values for property tax purposes. Most of them are employed by a municipality. Assessors, unlike appraisers, sometimes use mass assessment procedures and computer-assisted appraisal systems to evaluate a whole neighborhood of houses at once.
Accurate knowledge of tax assessment procedures is a must for assessors. Some taxpayers dispute the assessed value on the grounds that they believe they are being overcharged for property taxes. They must be able to defend their property assessments, either to the owner directly or at a public hearing, to ensure that the assessments are accurate and fair.
Assessors also maintain a database of every property in their jurisdiction, which includes information on the property owner, the property's assessment history, and its attributes, along with maps showing the property distribution in the jurisdiction.
Education
A bachelor's degree is usually required to work as a property appraiser or assessor. Bachelor's degrees are commonly obtained in business, social science, and psychology.
Taking classes in computer science, finance, business law, or real estate law may help prepare you for a job in appraising.
Most states require a specific level of education and experience to become an assessor. In states with no statewide standards, localities set their own restrictions. Candidates with specific high school diplomas may be qualified.
Training
Employers may require basic assessment courses and on-the-job training spanning a year or more. Licensed or certified appraisers and assessors may also be required to work a specified number of hours.
Certification and Licensing
Real estate appraisers working on federally related transactions, such as loans for federally insured banks and financial institutions, must be licensed or certified by their state. The Appraisal Foundation has extensive licensing information (TAF). Personal or business property appraisers and assessors are not required to be certified by the federal government. If you have questions regarding your state's requirements, contact the licensing board.
Appraisers value one property at a time rather than numerous at once. However, both professions use similar methods and strategies. Assessors and appraisers often take the same courses. A license frequently requires passing a statewide exam and completing fieldwork requirements.
A real estate appraiser's degree determines what property they can appraise. Federal appraiser categories include Licensed Trainee, Residential, and General.
The educational and training requirements vary by certificate. All save the Trainee License need schooling and passing a test on the Uniform Standards of Professional Appraisal Practice.
Appraisal Review and Management; Business Valuation; Gems and Jewelry; Machinery; Technical Specialties; Personal Property or Real Property.
Unlike real estate appraisers, there are no federal criteria for personal or business property appraisers or assessors. The criteria for certifying assessors are typically relatively similar to those for certifying appraisers. In addition to property value, IAAO offers a Certified Assessment Evaluator (CAE) credential.
Candidates may be needed to undergo basic appraisal classes, complete on-the-job training, and meet work-hour requirements for appraisal licenses or certifications. Assessors can obtain state appraiser certifications.
Appraisers and assessors must maintain their licenses or certificates. Additional qualifications vary by state and credential.
Importance Criteria
Logic and critical thinking skills. Property appraisers and assessors use many data sources to determine assessments. This necessitates substantial research and examination before they can provide an accurate estimate and final report.
Excellent client service skills. Due to regular consumer contact, appraisers must be courteous and friendly.
Mathematical ability Those analyzing real estate data must be able to calculate land and building square footage, requiring good arithmetic skills.
The ability to properly manage time. Personnel in the appraisal and assessment professions must keep detailed records and follow a set method in order to accomplish their work successfully.
Problem-solving skills the process of evaluating a property's worth may cause unexpected issues. To finish the evaluation and report on time, you must be able to conceive and apply new ideas.
Time management skills. Property appraisers and assessors frequently work under pressure, performing multiple assessments in a single day. As a result, they must prioritize their tasks to meet deadlines.
Pay
An annual salary of $58,650 was the average for property appraisers and assessors in May of this year. An occupation's median pay is the wage at which half of the workers make more than it and half make less. Between the bottom 10% and the top 10% of earners, there was a wide disparity in income.
Job Projections
It is expected that employment of property appraisers and assessors would rise at a slower rate than the average for all occupations between 2020 and 2030, at 4%.