FREQUENTLY ASKED QUESTIONS

What You Should Know

Welcome to the Innovative Appraisal Service Help Center. The following is a collection of the most frequently asked questions about our company, the services we provide, and commonly asked appraisal questions. If you still have questions after reading through this list, please get in touch via email, text, or phone.

WHAT’S INCLUDED WITH YOUR APPRAISAL?

For the common full appraisal, there are 3 steps; the inspection, the analysis, and the report.

The inspection is an interior and exterior "walk through" of the home. Simply, that means I need to see each room, take photos, and take measurements. Please, don't let this intimidate you, I have walked through thousands of houses and I understand that you live there. Your house is your home. The photos of your home are confidential to the bank. The photos and measurements are required and only used to gather information in order to find similar, comparable homes. After the inspection, I analyze the surrounding housing market and write a report. The reports are typically electronically delivered directly to the bank.

HOW MUCH DOES AN APPRAISAL COST?

The cost of an appraisal varies. However, the cost is agreed upon before the appraisal begins. With certain lenders, they set appraisal pricing. With others, several appraisers are asked to bid on an appraisal order and one company is awarded the order. Other factors that can cause variations in the appraisal cost include; complexity of the type of property, distance to a property, how soon someone needs an appraisal, or the type of appraisal. Our lowest cost appraisals are the "exterior only" (no interior inspection) appraisals used in certain situations. The most expensive appraisals are divorce settlement, waterfront properties, manufactured homes, and very high-end properties. The cost typically ranges from $300 to $1,000, however most appraisals are approximately $500.

WHO GETS TO SEE MY APPRAISAL?

Only the client. The appraiser is bound by confidentiality to the client.

WILL THE APPRAISAL RAISE MY TAXES?

No. Taxes are set by counties and city governments, not based on appraisals from private appraisers.

As shown above, the appraisal is confidential to the client. An appraiser cannot reveal any information to anyone except the client. However, if the real estate market is appreciating, the assessments will obviously also increase. See the section below titled, "Assessment Verses Taxes."

ASSESSMENT VERSES TAXES?

Almost no one understands this one.

I am always amazed at how so few people realize the difference between the property assessment and property taxes.

The property assessment is a value assigned to a property by the County or City the property is in.

The property taxes is the actual money needed to operate the schools, local government, police, fire department, road department, etc.

The assessed value is derived by the local real estate market.

The property taxes are set by the local budgets of the taxing entities.

You can contest your assessed value, however, it is better to speak to the people who actually spend the tax dollars;

the local school board, the City Council, and/or the County Commissioners.

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