Year Built?

[sputnam]

Come on.... really?

If you are doing 'as-is' there is no house. There is a site with some improvements. If you are doing 'subject to', then it's under construction and the age is 'New'... or '0'. You can't have dwelling that has an age of -1...so, the year built has to be 2013.

 

[Mr Rex]

Back when spec building was heavy, some wise arse builders figured out that the County did not tax them on the improvements until after the CO was issued, so they would wait until they had a contract to get the CO. Of course the tax guys got wise, and said show me the money. They started taxing the improvements based on a percentage of completed construction per the required code inspections during construction.

 

[Terrel L. Shields]

If you are doing 'as-is' there is no house. There is a site with some improvements. If you are doing 'subject to', then it's under construction and the age is 'New'... or '0'. You can't have dwelling that has an age of -1...so, the year built has to be 2013.

Keep in mind there are 4 time options in appraisals.

Looking back to a prior date. 2. Here now today. 3. - Proposed... And you can assume one of two options. We generally assume a hypothetical condition. As if the house was here now today so whatever today dates is the year built. The last option is to predict when the house will be done and value it as of that future date. This is an extraordinary assumption, not a hypothetical. It is reasonable to assume that it will be true as of that date provided the builder is timely and the P & S is adhered to. That "year built" would be the year in which your future value date is.

 

[sputnam]

Keep in mind there are 4 time options in appraisals.

Completely true, but the question wasn't about the effective date of the appraisal.

 

[Terrel L. Shields]

Yes, but the effective age of the house is reflected as of the date of appraisal....

So here now today, say my house is 21 yr. old.

A retrospective for 2003 would mean the actual age was 11
A current appraisal of proposed remodeling construction as of today would be 21
A future (prospective) value as of a date one year in the future would be 22

 

[sputnam]

Yes, but the effective age of the house is reflected as of the date of appraisal....

So here now today, say my house is 21 yr. old.

A retrospective for 2003 would mean the actual age was 11
A current appraisal of proposed remodeling construction as of today would be 21
A future (prospective) value as of a date one year in the future would be 22

Of course, but it wasn't the OPs question.

 

[Sarge]

This is totally absurd. The year constructed should be 2013. Since it is a construction loan the property is not complete. You are completing the appraisal as if it were complete as of the date of inspection. You require a final inspection to insure the property was built per plans and specifications. Even if you appraised the site on December 31, 2013 and nothing had been done to the vacant site the date of construction would be 2013. You are appraising it as if it were totally complete AS OF THE DATE OF INSPECTION. The reviewer is correct.

This isn't even debatable. Anyone who says the date should be 2014 is completely wr-wr-wro-wrong.

 

[sputnam]

This isn't even debatable. Anyone who says the date should be 2014 is completely wr-wr-wro-wrong.

What I said already.