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A written analysis prepared by a qualified appraiser and estimating value of a property. The appraisal determines the fair market value of the property based on current information and analysis. The data used to determine the fair market value usually involves analysis of the replacement cost of the property, expected future income from the property
A government levy based on the market value of the property. The tax assessed on the property by the local government (e.g. city, county, village or township) for the various services provided to the property owner. Services may include police and fire department, garbage pick up and snow removal.
Taxes on real property. An assessment can be the annual property taxes levied by the local municipality based on property value or local improvements on a property for sewer or water or charges by planned unit developments and condominiums for property maintenance.
The difference between the current market value of a property and the total amount of outstanding liens against the property.
The appraisal on a property can be very important in order to receive the final approval on a loan request. The property appraisal serves two primary purposes. The first purpose is the appraisal determines the value of the property. Loan prequalifications and preapprovals are based on property value estimates; the appraisal established the actual value
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