Appraisal, Inspection, Assessment - Three words for one thing, Right?

Owensboro, ky real estate"If there is something wrong with the house I am buying, the appraiser will find it, right?"


"What is the house appraised for?  You can look on the tax roll and find out, right?"


At least once a week I find myself clarifying the definitions of Appraisal, Inspection and Assessment.  Here are the differences:

1.  Appraisal

Appraisals are for lenders.  The lender requires an appraisal for three reasons:  1) to estimate the market value of a house 2) to make sure the house meets minimum property standards and 3) to make sure that the house is marketable.


2.  Home Inspection

The Home Inspector 1) evaluates the physical condition, structure mechanical systems and overall soundness of the property 2) identifies items that need to be repaired or replaced 3) estimates the remaining useful life of the major systems, equipment, structure and finishes


3.  Assessment

This is the value placed on your home by the local Tax Assessor, for purposes of determining a value to base your property taxes on.  In Kentucky when a property sells, your tax assessment is typically what you paid for it.  By law, properties are to be re-evaluated every 4 years to see if the assessment should be raised.  This is a very unreliable way to determine the actual market value of a home and should not be confused with the "appraised value"


In a nutshell:

Appraisal - Bank value

Assessment - Tax value

Inspection - Property Condition


If you have any other real estate questions, please consider me your resource for all things real estate in Owenboro,  KY.  Call or text me at 270-903-2167





 Facebook:, ky real estate

Click Here to Search all Owensboro Area Homes

Text or Phone:  270-903-2167

Owensboro, Kentucky 42301

Comment balloon 1 commentKaren Pannell • August 07 2015 03:22PM
Appraisal, Inspection, Assessment - Three words for one thing, Right?
"If there is something wrong with the house I am buying, the appraiser will find it, right? " "What is the house appraised for? You can look on the tax roll and find out, right? " At least once a week I find myself clarifying… more
Tax Refund Here? Stop Renting! 100% Loan Available In Owensboro, KY!
Ever wondered if you could buy a home instead of renting? I see a new home in your future! New 100% Loan available In Owensboro, KY from a local lender you can trust! NO PMI! Most loans that have less than 20% down require… more
The Truth about the Zillow Zestimate in Owensboro, KY
If you are using the Zilllow "Zestimate" as a tool to determine market value of Owensboro, KY Real Estate you might find it to be a "Goldilocks" sort of experience. I have found the Zillow property value estimate or.. more
Top 5 Home Buyer Mistakes
Basing Your Offer On the Asking Price Some buyers always offer 10% less than the listed price. What if the property is listed for $150, 000 and is overpriced by $20, 000? Even if you offer 10% less / $135… more
Scavenger Hunt Open House This Saturday!
The Winning is Easy! Visit 5 Real Living Home Realty Open Houses this Saturday and be eligible to win a weekend Getaway at the Hampton Inn Suites Waterfront Owenboro, KY, Dinner for two at Lure Seafood and Grill a Spa Day and… more
505 Hill Ave., Owensboro, KY 42301 FOR SALE!
Contact info: Karen Pannell | Real Living / Home Realty | 270-903-2167 Cozy Cottage! 505 Hill Ave, Owensboro, KY 42301 $102, 900 KEY FEATURES Year Built: 1946Sq Footage: 1833 sqft. Bedrooms: 2 BedsBathrooms: 1 BathFloors… more
Kentucky Housing Announces 25 Fixed Interest Rate for 30 Years
ONCE IN A LIFETIME DEAL on Owensboro, KY Real Estate! 25 % FIXED interest RATE for 30 years! REALLY! So who can qualify for this once in a lifetime deal? • Households that do not exceed $35, 000 per year, and meet ONE of the following:… more
Protect Your Credit This Holiday Season!
Beware those special credit card offers that give you 20% off your total purchase! Sure, who wouldn't want 20% off, but did you know that opening and using that card creates what is called an "inquiry" on your credit report? And… more
Short Sale Dictionary; Buying a Short Sale in Owensboro, KY
Short sale : occurs when the borrower sells the property for less than what they actually owe, thus the term “short sale”. “Possible Short Sale”: This is a property that has been put on the market prior to getting the… more