Identification & Location of Property
This is the location of the property. This may be accomplished in a number of ways for real property. The street address, and Assessor's parcel number, or a legal description of the property are all commonly used.
Determination of Property Rights
In most cases, appraisals include the valuation of all the rights associated with ownership. However, if a property has multiple owners, that information will be important in efforts to assess and collect taxes. If certain rights have been sold or assigned to others, the remaining value of the property may be reduced. For example, an easement to permit foot traffic across a commercial plot may limit the kinds of improvements that may be placed on that lot, and thus reduce the value. The terms of leases allowing development of mineral or air rights may effectively prevent other uses during the lease period and also result in a reduction of value.
Date of the Appraisal
The value of real property fluctuates continually because physical condition, economic factors, and market factors continually change. A property may be severely damaged or totally destroyed by fire or flood. Therefore, an appraisal is only good for a specific date. To maintain a proper and equitable distribution of the tax burden, a current estimate of market value is always the aim.