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Frequently Asked Questions

faqs

1421899639_document-pdf-text Download our Frequently Asked Questions pdf brochure.

Here are some of the commonly asked questions we hear:

  1. What’s an appraisal?
  2. How is value determined?
  3. How can Wm. S. Jackson & Associates Ltd. add value to my real estate transactions?
  4. How long has Wm. S. Jackson & Associates Ltd. been conducting appraisals?
  5. What can I expect in my appraisal report?
  6. I received my property assessment and I feel my property was over-valued. Should I get a professional appraisal?
  7. What other services does Wm. S. Jackson & Associates Ltd. provide?

 

1. What’s an appraisal?

An appraisal is a professional appraiser’s opinion of a property’s value. An appraisal involves researching appropriate market areas and analyzing information pertinent to the property, combined with the knowledge, experience and professional judgment of the appraiser.

2. How is value determined?

frequently-asked-questionsThe most reliable procedure for determining land value is the sales comparison method, by which we analyze sales of similar properties and relate that data to the property being appraised. There are two other main methods that may also be used, either instead of or in conjunction with the sales comparison method. In the cost approach, the value of a property is determined by adding the estimated value of the bare land to the current cost of constructing a reproduction of the existing structures or improvements, then subtracting for depreciation. The income capitalization approach, typically used for income-generating properties, reflects the appraiser’s opinion of the earning power of a given property.

3. How can Wm. S. Jackson & Associates Ltd. add value to my real estate transactions?

We can provide you with an impartial professional appraisal of the property in question, allowing you to make sound decisions with regard to any prospective real estate transaction.

4. How long has Wm. S. Jackson & Associates Ltd. been conducting appraisals?

Wm. S. Jackson & Associates Ltd. has been conducting commercial and residential appraisals on Vancouver Island and the Sunshine Coast since 1980. In that time, we’ve completed more than 30,000 residential appraisals and more than 5,000 commercial appraisals. It’s no wonder we’re Vancouver Island’s most trusted real estate appraisers!

5. What can I expect in my appraisal report?

Your written appraisal report generally consists of a description of the property and its location, an analysis of the highest and best use of the property, an analysis of comparable properties as near the subject property as possible and information regarding current real estate activity and market trends.

6. I received my property assessment and I feel my property was over-valued. Should I get a professional appraisal?

Yes, if you think your property has been over-assessed by $20,000 or more. The assessed value of your property is largely what determines the amount of taxes you will pay. If you feel that your assessment is unfair or doesn’t reflect the true value of your property, having a professional appraisal done could significantly bolster your appeal. For over-assessments of less than $20,000, however, your potential decrease in property taxes likely won’t be sufficient to warrant the cost of a professional appraisal.

7. What other services does Wm. S. Jackson & Associates Ltd. provide?

In addition to residential and commercial appraisals, the experts at Wm. S. Jackson & Associates Ltd. can assist you with any of the following:

  • Market analysis
  • Highest & best use analysis
  • Litigation support
  • Market rent & trend studies
  • Cost-benefit studies
  • Feasibility analysis
  • Expropriation analysis and support
  • Absorption studies
  • Tax assessment review and advice

Don’t see the answer to your question here? Contact us and we’ll be happy to answer all of your questions and explain the appraisal process.

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