Business, Legal & Accounting Glossary
A system used to appraise a property’s value at a certain point in time. The system takes into account such factors as property location, physical characteristics, comparable property sales, historical price movement, and value indicated by the tax assessor when calculating the property value. While the system offers the advantage of decreased turnaround time for obtaining information and reduced costs, there are disadvantages. The system relies on data that is available at the time the valuation is requested which may or may not be up to date. AVM also does not take into account the actual physical condition of the property which may increase or decrease the property’s value.
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This glossary post was last updated: 19th November, 2021 | 0 Views.