What is the difference between a property appraiser and an assessor?
A property appraiser and an assessor both determine the value of a property for taxation purposes. However, the primary difference is that a property appraiser determines the fair market value of a property, while an assessor sets the taxable value. Property appraisers use methods such as comparable sales and cost approaches to estimate the value of a property, while assessors use formulas based on the assessed value of other properties in the area.
Other Questions about Property Appraiser
- What is a property appraiser?
A property appraiser is a professional who uses special techniques to estimate the market value of a property. Property appraisers may work for a bank or a government agency, and they use their expertise to determine the value of a property for the purpose of taxation, insurance or resale.
- What qualifications are required to become a property appraiser?
To become a property appraiser, individuals typically need to have a high school diploma or equivalent and a certification from the Appraisal Qualifications Board (AQB) of the Appraisal Foundation. The AQB establishes the minimum education, experience, examination, and ethics requirements for obtaining certification as a real estate appraiser. Additionally, some states require property appraisers to be licensed or certified. To obtain a license or certification, appraisers must complete their state’s required education and experience requirements and pass the state’s appraisal exam. In general, property appraisers must also have knowledge of the local market, the ability to accurately estimate the value of a property, and excellent customer service skills.
- How do I become a property appraiser?
To become a property appraiser, you will need to earn a bachelor's degree in a field related to property appraisal, such as real estate, business administration, or finance. After completing your degree, you will need to complete the required coursework and pass the exams set forth by the Appraiser Qualifications Board (AQB). Once you have passed the exams, you will need to obtain a license from your state's licensing board. You will then need to complete continuing education courses to keep your license current.
- What types of property are appraised by a property appraiser?
Property appraisers typically appraise residential, commercial, industrial, agricultural, and other types of real estate. They may also appraise personal property such as antiques, art, and jewelry.
- What is the job outlook for property appraisers?
The job outlook for property appraisers is expected to be positive. According to the U.S. Bureau of Labor Statistics, employment of appraisers and assessors of real estate is projected to grow 6% from 2019 to 2029, faster than the average for all occupations.
- What types of duties does a property appraiser perform?
A property appraiser typically performs the following duties: evaluating and appraising properties; researching local, state, and federal laws that affect property values; collecting and analyzing data to determine the value of a property; inspecting properties for potential health and safety hazards; assessing the condition of a property; preparing reports and documents; and providing expert testimony in court.