What sales did you compare to my home to arrive at my value?
This question, although common, highlights one of the clear differences between the revaluation appraisal process and the more well-know "bank" appraisal. Most homeowners have had a "bank" appraisal on a property before and are familiar with the process involved and the resulting report. Many assume that the revaluation company uses the same process. Although the appraisal concepts are the same and the results similar, the process is different.

To answer this question it is important to understand that in a revaluation, the value of your property is based on an analysis of the entire real estate market for a specified period of time before the completion of the revaluation project (a one or two year period). This study of recent property sales allows the appraisers to establish valuation parameters (construction rates, land rates, market adjustments, etc). Ideally, when these valuation parameters are applied to the properties that sold, the calculation will result in an appraised value that is very close to the sales price.

The appraisers are required by the State to test that the parameters being used are consistently producing values that closely approximate the sale prices across all types of properties throughout the town. When this is accomplished, the appraisers can then apply these same valuation parameters to all of the "non-sale" properties in the town. In doing so, they are approximating the market value of each property using the information derived from all of the sales. Therefore, no particular sale or group of sales was used to determine the value your property. This is because ALL of the recent sales were included in the analysis that set the parameters used in the revaluation of your town.

Show All Answers

1. What is a revaluation?
2. Will a revaluation increase taxes?
3. Will all property values change?
4. How will I know if my assessment is equitable?
5. Does the Assessor's Office have the correct information on my property?
6. Why did my land value change differently than my building value?
7. What is market value and who determines my property value?
8. What is an informal hearing?
9. How do I prepare for a hearing?
10. How will I know if a change was made to my assessment after my hearing?
11. If I disagree with my assessment after a hearing, what are my options?
12. Is the valuation model that Bristol uses a proprietary model?
13. I am seeing a lot of news coming from the real estate industry. Is this being reflected in my new assessment?
14. Are waterfront properties unfairly singled out during a revaluation?
15. What sales did you compare to my home to arrive at my value?
16. What if there hasn't been a recent arms-length sale of my property?
17. What if there are no reasonably comparable sales?
18. I recently built my home. Will the actual construction costs be considered?
19. What will happen to my assessment if I improve my property?
20. Will my assessment go up if I repair my property?
21. How can my assessment change when I haven't done anything to my property?
22. Do all assessments change at the same rate?
23. Nobody inspected the inside of my home, how could you reassess it?
24. I've heard that you develop values by computer. Is that correct?