What is an appraisal report?

An appraisal report is fundamentally a document that provides an opinion of value for a specific property. This report is created by a licensed appraiser who conducts a detailed analysis considering various factors such as the property’s characteristics, its location, market conditions, and comparable sales. The primary objective of an appraisal report is to give a well-supported and unbiased estimation of what a property is worth at a given point in time.

The significance of an appraisal report is paramount in many transactional contexts, such as real estate sales, financing, or tax assessments, as it serves as an essential tool for buyers, sellers, and lenders to make informed decisions.

In contrast, the other options do not accurately reflect the purpose or content of an appraisal report. A summary of property taxes does not provide value assessment but merely outlines tax obligations. A document that provides time estimates for property repairs focuses on necessary renovations rather than value appraisal. A record of property ownership history tracks ownership status over time and does not convey the financial worth or value of the property itself.