Appraisers are often accused of lowballing, but there are several reasons why they might do this. One reason is that they want to be conservative in their estimates. This means that they are less likely to overvalue a property, which could lead to problems down the road. Appraisers also have to account for market conditions. If the market is soft, prices might be lower than they would be in a hotter market. Additionally, appraisers may lowball if they think the property is in need of repairs or if it is located in a less desirable area. Ultimately, appraisers want to provide an accurate estimate of a property's value, and sometimes this means erring on the side of caution.
When appraisers assigned to value a property for tax purposes lowball their estimate of the property's worth, the result can be an artificially low tax bill for the homeowner. While this may seem like a good thing at first, it can actually lead to problems down the road. For one thing, if the property is ever sold, the new owner may end up paying higher taxes based on the appraised value. In addition, if the municipality ever needs to raise taxes, homeowners with artificially low appraised values may see a larger increase than those whose appraisals were closer to market value. As a result, it's in homeowners' best interest to make sure that their property is accurately appraised. Appraisers who lowball their estimates are doing homeowners a disservice.
Thanks! Your answer is awaiting moderation.