The market or direct sales comparison approach to appraising a property involves a process of comparing market data such as property sale prices, asking prices, and offers of prospective buyers or tenants willing to purchase or lease.
Usually, a comparison grid is used to make adjustments to comparable sales for differences from the subject property for things like location, building size, lot size, condition, construction quality, number or baths, fireplaces, garage stalls, etc.
In the market approach, the appraiser attempts to measure and reflect the reactions that typical potential purchasers would have to the property being appraised.
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- What is a Mill Levy?
- What is Taxable Value?
- What is an Appraisal?
- What is a Parcel?
- How do I appeal my Value?
- What is a Comparable Sale?
- What is an Arms Length Transaction?
- What is a Legal Description?
- What is the Cost Approach?
- What is the Market Approach?
- What is the Income Approach?
- What is Homestead Credit?
- Residential New Construction Exemption
- Wheelchair & Disabled Veteran's Exemption
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- Builder's Application for Property Tax Exemption
- Homestead Property Tax Credit
- Improvements to Commercial & Residential Buildings - Property Tax Exemption
- Payment in Lieu of Taxes (PILOT)
- Tax Increment Financing (TIF)
- 2 Year Exemption - Purchase of New Single-Family Home
- Renaissance Zone Application
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