Real property appraisal, property valuation or land valuation is the process of creating an opinion of value, for actual property (often market value ). Real estate transactions typically require appraisals as a result of they happen sometimes and each property is unique (especially their condition, a key think about valuation), in contrast to company shares, which are traded every day and are an identical (thus a centralized Walrasian auction like a inventory change is unrealistic). Portability – As much as $500,000 of a homestead assessment differential (difference between the market and assessed values) of a property may be transferred to a brand new homesteaded property. The new homestead have to be established within two years, that is, two consecutive January 1sts after the abandonment of the previous homestead.
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