What is the main purpose of conducting appraisals in relation to tax purposes?

The main purpose of conducting appraisals for tax purposes is to ensure proper tax assessments. Accurate appraisals help assessors determine the fair market value of properties, which directly impacts property tax calculations. An appraisal provides a professional estimate of value based on a thorough analysis of the property, comparable sales, and current market conditions. This process helps to establish a fair and equitable taxation system by ensuring that similar properties are taxed at similar values, preventing discrepancies that could arise from over- or under-valuing properties.

While increasing property value for sale and attracting more investment opportunities can be considerations for appraisals in certain contexts, they are not the primary focus when appraisals are conducted specifically for tax purposes. Enhancing buyer excitement can also be a factor in real estate marketing but is not relevant to the appraisal's role in taxation. Thus, ensuring proper tax assessments is the core function of appraisals in this context, underscoring their importance in maintaining a fair tax system.