Frequently Asked Questions
How long is my appraisal good for?
An appraisal is effective for a calender year and/or until the "sales comparables" exceed one year. An appraiser will use the most recent sales available, thus ensuring a more current market value.
After my appraisal is complete, will my taxes go up?
No. The only person who will receive the appraisal is the client. The ‘client’ is the person or company that has hired Michael Trull and Associates to appraise a particular property. The City Assessor never receives a copy or any results of an appraisal.
What improvements/upgrades add the most value to my home?
The most marketable upgrades or improvements are items that make the home more energy efficient e.g., heating/cooling systems, insulated windows/doors, newly reshingled roofs, and water heaters.
What should I look for when I hire an appraiser?
What’s the difference between an assessment and an appraisal?
An assessment is the process of documenting land value, improvement value, and utility value in measurable terms. Assessments are commonly used by local governments to determine property value for local property taxes, and are conducted using mass appraisal techniques. Tax assessments use replacement costs and estimated land value to determine property value.
An appraisal is an opinion of market value. Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. In addition, it is assumed that the buyer and seller will each act prudently and knowledgeably, and that the price is not affected by any undue stimulus. An appraisal is a more specific opinion of the market value of an individual home. Appraisals are influenced by the current value of homes in a specific market area, subdivision, or neighborhood, as well as the conditions and amenities of the subject property.