How often should property assessments be conducted for accurate appraisals?

Conducting property assessments annually is essential for accurate appraisals because real estate markets can change rapidly due to a variety of factors, such as economic conditions, changes in demand, and local developments. By assessing properties every year, appraisers can better reflect current market values, ensuring that assessments are up to date and relevant. Regular assessments also allow property owners to stay informed about the potential value of their investments and make informed decisions regarding pricing, renovations, or sales.

Other intervals, such as every five or ten years, might not capture the necessary fluctuations in the market. Likewise, only assessing properties when they are sold may lead to outdated valuations that do not represent current market conditions and can result in lost opportunities or financial inaccuracies for buyers and sellers. Overall, an annual assessment schedule promotes transparency, accuracy, and better decision-making in property transactions.