appraisal

ap·prais·al   (ə-prā'zəl)    n.   The act or an instance of appraising. An expert or official valuation, as for taxation.

appraisal

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

Main Entry: ap·prais·al
Pronunciation: &-'prA-z&l
Function: noun
: a valuation of property by the estimate of an authorized person: as a : the determination of the fair value of a corporation's stock by a judicial proceeding that a dissenting shareholder is usually entitled by statute to demand in a case of extraordinary corporate action (as a merger) —see also DISSENT 1 b : the estimation of the value of real estate for the purpose of taxation, sale, or securing a mortgage c : the estimation of the value of damage done to property for the purpose of adjusting an insurance claim