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Industries & Professions /
Assessors and Appraisers
Property is divided into two distinct types: real property and personal property. Real property is land and the structures built upon the land, while personal property includes all other types of possessions. Appraisers determine the value, quality, and use of real property and personal property based on selective research into market areas, the application of analytical techniques, and professional judgment derived from experience. In evaluating real property, they analyze the supply and demand for different types of property, such as residential dwellings, office buildings, shopping centers, industrial sites, and farms, to estimate their values. Appraisers analyze construction, condition, and functional design. They review public records of sales, leases, previous assessments, and other transactions pertaining to land and buildings to determine the market values, rents, and construction costs of similar properties. Appraisers collect information about neighborhoods, such as availability of gas, electricity, power lines, and transportation. They also may interview people familiar with the property, and they consider the cost of making improvements on the property.