Frequently Asked Questions Regarding Appraisal Services

Our trade area consists primarily of southern Virginia, North Carolina, South Carolina, and northern Georgia. On occasion, for multiple property assignments, we cover the Southeast and Midwest.

Yes. T.B. Harris, Jr. & Associates is heavily involved in estate work whereby real property needs to be appraised to establish date of death values, and further, to provide appraisal work and/or consulting work for taxable and non-taxable estates. We have also been involved in representing estates and/or their legal counsel with respect to tax disputes with the Internal Revenue Service, as well as local and state taxing authorities.

No, we are not business valuers. However, we are often involved where real estate is a closely held asset in the business and is either the primary asset or the only asset within the business.

Typically we do not do one-off appraisals on houses. However, in doing estate work and other work for clients, we are often asked to appraise several properties in-and-around Charlotte or our geographic foot print, and oh by the way, could we appraise perhaps a single-family dwelling in Charlotte and maybe a second vacation home. We do provide these appraisal services as we often associate with a local residential appraiser that has been involved in the residential appraisal business for over 25 years.

Initially, at T.B. Harris, Jr. & Associates, we discuss the purpose and function of an appraisal report with our clients. Once this information is understood we issue a letter of engagement which reduces to business terms our agreement for the cost of the appraisal and the time it will take to complete the appraisal. Included in our letter of engagement is often a checklist of items. Once a letter of engagement is executed and received, we begin the appraisal process.

Privacy issues are very important in terms of appraiser-client relationships. Typically, all of our appraisals remain confidential, and information used in the appraisal report is often considered confidential information. Without authorization from the client this information is not released. USPAP is an acronym for the Uniform Standards of Professional Appraisal Practice. Updated every two years, it is the authority with respect to the preparation and the written appraisal report process. USPAP also addresses review appraising, however the primary focus of USPAP is to establish professional guidelines, ethics, and processes to be used by competent appraisers.

Currently, the types of appraisal have been reduced to simply "an appraisal report." Historically there have been different types of appraisals often referred to as "self-contained," "summary reports," etc. However, because of the use of extraordinary assumptions and hypothetical conditions allowed under USPAP, all appraisal documents are considered "appraisal reports."

Yes, we are often called upon to assist clients in establishing current market rent, discuss what type of lease should be used for that particular property, analyze and provide clients with information about market leases, analyze prospective sales based on installment sale, before and after tax proceeds, etc. - the short answer is yes, we do all types of market studies depending on the needs of the client.

Yes. Our practice is actively engaged in preparing appraisals for ad valorem tax purposes. Throughout the years we have represented a considerable amount of property owners as well as counties and state governments. This is a niche of the real estate appraisal practice that typically involves knowledge and expertise with respect to the process, as ad valorem tax appraising is somewhat of a specialty. In addition, experience is needed for testifying and effectively acting as an expert witnesses.

Yes. We are often asked by property owners to consider whether or not a tax appeal or other real property issue is an appropriate course of action and if it is in their best interest. For example, tax assessed values for properties, if within 5-10% of market value, may not be cost effective for appeal. On the other hand, if the appeal is for several years, the tax assessment, if overstated, can contribute to a considerable amount of overpayment of taxes, which could be beneficial for a property owner. To lease vs. purchase, finance or refinance, are other areas where we assist clients.

Yes. A large part of our practice is devoted to what we refer to as condemnation appraising, which involves the government use of eminent domain. Under this process governments, utility companies in addition to others are allowed to "take" property for the "public good." In this process property owners are typically allowed to receive "just compensation" as defined by the various courts and jurisdictions. We are often hired by governmental authorities and by private property owners to appraise the value of the property before and immediately after the taking in order to consider what might be "just compensation." We consult often with governments and private property owners with respect to these issues as well as prepare appraisal and testify when needed.