REALPRO Associates

Assessments are city and town evaluations upon which communities base their revenue streams. They are the basis upon which they provide support in the form of fire and police protection, schools, roadway maintenance, refuse collection, snow plowing and removal, infrastructure and support networks such as sewer and water systems, and all other budgetary considerations. Since most cities and towns need to “set” their budgets on an annual basis, they need to have a benchmark from which to begin. Assessments provide them with that information. Tax rates are set for residential, commercial, industrial, etc, properties and cyclically (usually on a three year cycle) appraisal companies are hired to re-evaluate the communities taxable base. The dollar amount of your assessment may, or may not, be similar to the appraised value of your home.

A licensed appraiser does an appraisal on your individual property after careful analysis of objective data and inspection of the property. The appraiser writes a formal appraisal on behalf of whomever hired them. It’s usually done on behalf of a bank from which a Buyer is applying for a mortgage. The cost for such appraisal varies and is usually paid for at the time of your mortgage application.