What it means Property assessment. Explain.

Expert Solution

A property assessment implies determination of the market value of the property. The property assessment is conducted for the purpose of calculating property taxes. Generally the property assessment is conducted every year. There are three methods by which property can be assessed. The replacement method, the sales comparison method and the income method are the three methods of property assessment. The replacement method determines the cost of replacing the property based on current labor and material cost. The sales comparison method is based on sales of similar property in the same area. The income method is used for assessing business property whereby the property’s value is based on the income that it can generate.

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