Conner explained that an appraiser has to do a lot of research before actually looking at the property. They get the tax assessment record to determine the assessed value, and they check the current zoning for the neighborhood. Appraisers try to locate three properties sold in the last year within one mile of the subject property. In our area, that can be very time consuming. In small towns the choice of comparables can be very limited.
Appraisers try to find the best comparable properties available.
They then compare the subject property to the comparables and make adjustments for any differences. Differences might include age, lot size, location, view, amenities and market conditions. If the subject property has a fireplace and one of the comparables does not, the subject property might get credit for having it, which would increase its relative value. Appraisers are concerned with the big picture. They want to see how the subject property compares to others in the same neighborhood or general area.