How is property value typically assessed?

Property value is typically assessed through comparative market analysis and appraisals because these methods provide a comprehensive evaluation based on current market conditions and comparable property sales. Comparative market analysis involves analyzing recently sold properties in the same area with similar characteristics to understand what buyers are willing to pay. Appraisals involve a professional appraiser who evaluates the property and considers various factors such as location, condition, and recent sales of similar properties in the market to determine its fair market value.

These methods are dynamic and reflect the ever-changing nature of real estate markets, ensuring that assessments are based on up-to-date information rather than outdated or arbitrary figures. This approach allows for a more accurate estimation of a property's value, which is critical for buyers, sellers, and investors. The other options do not provide a reliable or accurate assessment method, as they either rely on outdated information or do not consider the comprehensive market environment.