What’s Your Property Worth? How Pennsylvania Appraisers Calculate the Market Value of Real Estate
January 4, 2022
When purchasing, selling, or developing real estate, business owners should be attentive to the market value of their property. Put simply, market value is “the price a purchaser, who is willing, but not obliged to buy, would pay an owner, willing, but not obliged to sell, taking into consideration all uses to which the property is adapted and might in reason be applied.” Not only does market value drive transactions, but valuations are also integral for those seeking a mortgage. If the property is being used as collateral, market value will determine the amount of credit given to an individual. Further, market value factors into the amount of property tax charged on a portion of property.