What is the definition of an appraisal?

An appraisal is defined as an opinion of value for a specific date, often referred to as the effective date of the appraisal. This means that the appraiser provides their professional judgment regarding the value of a property based on various factors such as market conditions, property characteristics, and comparables available at that particular point in time.

The focus on "the day of the appraisal only" emphasizes that the value determined can fluctuate due to market changes and is relevant only to the conditions at that time. This temporal aspect is critical in the practice of appraisal because property values can change frequently and are influenced by various external factors, including economic trends, interest rates, and changes in the neighborhood or local market.

In contrast, the other options describe various aspects or functions related to property assessments but do not encapsulate the core definition of an appraisal. For instance, a detailed report of property conditions is more about property inspections than value assessment; a method to determine property tax pertains to tax assessment processes rather than market value evaluation; and a prediction of future property value does not align with the retrospective nature of an appraisal that relates specifically to a defined point in time.