Congrats to HUNT Commercial agents and Golf Links Properties members Rolf Bruckert, Barbara Dodge, and Kristen Hundshamer for being selected to speak at the 2016 New York State Assessors Association (NYSAA) seminar held in Lake George, NY. The discussion was hosted and monitored by Town of Clay assessor Robert Bick and centered on determining real estate market value. Other panelists included assessor Curt Schoeberl, attorney Rebecca M. Speno, appraiser John LaClaire, mortgage broker Rick Wilson, and construction engineer Cranson Gates.
The purpose of the panel discussion was to discuss the meaning of market value, however all agreed that while there is a method to determine the market value of a property, rarely is that number exact. “We learned that market value can be based on perception and that an appraisal is the best educated guess of an appraiser. Cost, income and sales approaches were discussed as well as the condition of the economy dictating the market values.” Hundshamer reported.
The panel also discussed a Syracuse newspaper article titled “Bank Decides How Much It Will Lend.” This article talked about a bank appraiser appraising a property for $365,000 and then later changing the appraisal to $350,000, which is what the buyers originally offered. Ultimately the point of the article was that often, appraisers work for the benefit of lenders, not buyers or sellers. Many panelists agreed that there is a need for restructuring the appraisal process within the banking structure.
Members of the Golf Links Properties team shared an experience where a bank appraisal wasn’t congruent with their opinion of value for a particular golf property. They challenged the bank and demonstrated how they arrived at that number. “If we can prove that our valuation process is a more solid approach than that of an appraiser, based on our expertise, then we have been able to satisfy the challenge and have proved our method for arriving at value.” Hundshamer stated.
All the panelists essentially agreed that there is nothing set in stone from one appraiser to the next or one opinion to the next. Often times they will use a parameter of value as opposed to an exact number for this very reason.
NYSAA’s objective is to improve the standards of assessment practice and to educate the taxpaying public on the importance of work performed by assessing officers. They look to research and improve assessment techniques, promote equity in the distribution of real property tax, and sponsor legislative proposals related to assessing and taxation.
Golf Links Properties aims to be the partner of choice for clients and investors seeking to expand personal and professional portfolios in the Northeast USA and Southeast Florida, specifically related to golf and hospitality property and businesses. They continue to offer their clients and investors up-to-date information, demonstrating market awareness to enhance portfolio expansion or dissolution with prompt and professional service. They invest in continuing their professional education, maintaining their membership in professional organizations and cutting edge marketing platforms to bring value to all of their clients. Visit them online at http://www.golflinksproperties.com/.
For more information on the assessment process visit the New York State Assessors Association online at http://www.nyassessor.com/.