Appraisal questions and answers

Straight answers. If yours is not here, call 984-360-8050 or email claude@globalappraisal.net and ask. There is no charge for a question.

What is an MAI appraiser?

MAI is a designation from the Appraisal Institute held by appraisers who have completed its education and experience requirements and passed a demonstration of knowledge on complex property. Fewer than one appraiser in twenty holds it. Courts, attorneys, and institutional clients often require it on commercial and litigation assignments.

How much does an appraisal cost?

The fee depends on the property type, the complexity of the valuation problem, and your deadline. It does not depend on the value of the property, and it never depends on the answer. Tying a fee to a value conclusion is prohibited under USPAP. Quotes are free and given in writing.

How long does an appraisal take?

Measured from our own delivered jobs since 2024: residential form assignments run about three days from order to delivered report, with nine out of ten going out inside eight days. VA assignments average five days. Narrative and commercial reports typically take two to five weeks. Complex eminent domain work runs longer. Those are averages across our work, not a promise on a specific file; your date comes with your quote.

What is the difference between an appraisal and a tax assessment?

An assessment is a county-wide mass estimate produced by a computer model on a multi-year cycle, without anyone inspecting your property. An appraisal is one property, inspected, with each comparable analyzed individually and a written reason for every adjustment. Market value is what the property should bring in an open market on a stated date. Assessed value is a figure used to allocate tax burden. They are produced by different processes for different purposes and they routinely differ.

Do I need an appraisal to settle an estate?

Usually. Estates generally need a retrospective market value as of the date of death, and that value sets the heirs' cost basis. A tax value is not accepted as a substitute.

Can I use an appraisal to appeal my property taxes?

Yes, and it is often the strongest evidence available to the Board of Equalization and Review. Check your county's appeal deadline first. The windows are short and a good case filed late is worth nothing.

Can an appraisal be used in court?

Yes, when it is prepared to that standard from the outset. Litigation work is written knowing opposing counsel will read it, which changes how adjustments are documented and how the workfile is kept. Say up front that testimony is possible, because it changes the scope of work.

Who does the appraiser work for?

The assignment. USPAP requires an appraiser to be independent, impartial, and objective, and that obligation does not shift based on who paid. An appraiser who delivers the number a client wanted is not doing the job.

What are the three approaches to value?

Sales comparison analyzes what similar properties actually sold for. The cost approach estimates what it would cost to replace the improvements, less depreciation, plus land value. The income approach converts a property's income into value the way an investor would. Not every assignment needs all three, and the report says which were used and why.

Why do you need to come inside?

Condition, quality, layout, and updating drive value, and none of them can be seen from the road or from a tax card. An exterior-only assignment can be done when the client accepts that limit, and the report states it.

My appraisal came in low. What now?

Ask for the reasoning, not just the number. If a comparable is wrong, a fact about the property is wrong, or a better sale was available and skipped, that is worth raising with support. If the analysis holds, the number holds. An appraisal review is the formal way to test whether a report is credible.

Do you appraise land?

Yes. Vacant land, timber tracts, farms, and development sites, including partial takings and access questions. Land is often harder than improved property because the comparable data is thinner and the highest and best use question is live rather than settled.

What area do you cover?

All of North Carolina. Most assignments fall in Alamance, Caswell, Orange, Durham, Person, Chatham, and Wake counties. Work outside that area is taken case by case, with any travel quoted up front.

How do I order?

Call 984-360-8050 or email claude@globalappraisal.net with the property address, the property type, the reason for the appraisal and who will rely on it, and your deadline. That is enough to price nearly anything.