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Property Appraiser questions, answered by experts

Yes, appraisals are often used for property tax appeals, estate planning, and determining market value.

An FHA appraisal is valid for 180 days from the effective date of the report. In some cases, you can have the appraisal recertified if you make your request before the original expires so that you still may obtain an FHA loan. If approved, your appraisal update is valid for one year.

While a finished basement adds value to your home, it is assigned a different value than space on the main floors. An appraiser will assess the square footage of a finished basement at about 50% to 60% of the value of the square footage for the rest of your home. Appraisal value for a finished basement depends on your location’s real estate market and the specifics of the basement and how it was finished. 

The cost to appraise a home depends on the type. Common types include:

  • Single-family homes: $300–$400

  • FHA or VA single-family homes: $400–$500

  • Condominium: $300–$500

  • Multi-family home: $500–$1,000

  • Apartment building: $1,500–$3,000

  • Commercial properties: $1,400–$10,000

  • Raw land: $1,000–$8,000

The average cost for a home or property appraisal is about $355, with prices typically ranging from $250 to $500. The final cost is influenced by several factors, including the property's size, age, location, and how it compares to other homes in the area. Appraisals for larger, older, or non-conforming properties often cost more. While a single-family home appraisal usually costs between $300 and $400, appraising a multi-family home can range from $500 to $1,000 due to its increased size and complexity.

The Ferdinand, IN homeowners’ guide to property appraisals

From average costs to expert advice, get all the answers you need to get your job done.