Valuation is an appraisal or estimation of an asset’s value as of a given period of time.
For real property, in particular, valuations provide the assessment value for a specific revenue year. The property’s value is assessed based on a number of key factors like the property’s use, age, square footage, amenities, current market conditions, etc.
Valuations are initiated for any of the following reasons:
New property
Changes to existing property — e.g. construction/improvement, splits/merges, demolition, etc.
Ongoing/periodic valuation
Property is sold and/or changes ownership
Valuation information is typically maintained at an external system and any information that’s needed for billing is interfaced to the billing system. Within a specific revenue period, one or more valuations may exist for the asset, depending on changes that occur for that asset.
The following sections provide more information.
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