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| 1. | the act of estimating or judging the nature or value of something or someone. |
| 2. | an estimate of value, as for sale, assessment, or taxation; valuation. |
| 3. | an estimate or considered opinion of the nature, quality, importance, etc: the critics' appraisal of pop art; an incorrect appraisal of public opinion. |
A formal evaluation of property by an expert, used to establish its market value.
Appraisal
A valuation of property (e.g. real estate, a business, an antique) by the estimate of an authorized person.
Investopedia Commentary
Appraisals are typically used either for taxation purposes or to discover a possible selling price for the property in question.
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See also: Appraisal Ratio, Appraisal Right