Definition: Assessors are used in various ways for assessments and valuation. For example, assessors are used by the government to determine taxes payable on real estate sold or rented for a profit. They also determine whether a party receiving aid under a federal or provincial program is entitled to interest or repayments on loan proceeds after selling or renting an asset. An assessor may also be asked to review financial records to ensure they are accurate in some circumstances.
The role of an assessor is to determine an accurate market value for a particular property or investment. The role is mandatory in some states and municipalities and voluntary in others. Whether the government or an independent firm hires an assessor, their role is to provide objective and reliable information about a property’s market value. In addition, they ensure that characterizations of value are consistent with market surveys, surveys of other buyers and prospective sellers, assessments by other professionals, and other information relating to the property.
Assessors determine market values by learning about property uses, market conditions, and other factors. By law, assessments are done on behalf of property owners and applicants by contracted firms hired by the Ministry of Finance. Assessors use a variety of techniques and tools when determining value. The two primary techniques are cost and market research. Cost is determined by comparing the total costs of building, acquisition, and operating costs plus any profits to rents or capital gains realized on the disposition. Market research explores local market conditions, interest rates, and credit card limits to determine how much an asset would sell if sold at current values.
To become a certified assessor, you must pass a background check and a certification exam. This job typically involves visiting clients in person and offer advice on ways to improve their financial situation. Before beginning your job as an assessor, you’ll need to obtain a criminal records check from your local law enforcement agency. Some states also require that you complete a financial awareness course before being hired as an assessor. Each state sets its requirements for training and certification, so be sure to check with your local taxing agency.
Assessment of property is made by a professional assessor appointed by the government. The assessor’s responsibility is to verify the factual information contained in the records they review and determine whether a property’s assessed value is correct. The assessor has no authority to alter or discount any of the assessments made by previous officials, present or previous owners
Assessment allows a community to levy a tax upon or take title to real estate as it exists in their municipality. Assessors can vary in skill, experience, and qualifications. The quality of work is also essential when determining if an assessment is correct. Common quality standards include professional and reliable records for each property, clearances performed on behalf of the owner before taking the title, fees related to maintaining records, and reviews conducted by external experts upon request.