Here are some of the most frequently asked questions in real estate. If you have a question that has not been included in this comprehensive list, please e-mail Mike and he will get back to you as quickly as possible. The main difference between appraised and market value is that the former is an opinion, while the latter is based on a comparative market analysis.
Lenders require appraisals as part of the loan application process.
A comparative market analysis is an estimate of value based on sales of comparable properties, and is usually provided by an agent or broker. Property taxes on all real estate transactions are deductible against current income taxes. Interest and property taxes are deductible for second homes if expenses are itemized. The best advice to follow can be provided by your accountant or tax adviser. Property taxes are the annual fees that property owners pay for owning real estate - usually 1.5 percent of the property's current market value, although they are calculated in many different ways.