Residential Comp Sales Grid Explained
Single-family residential properties are valued using mass appraisal models and methods that use sales of all comparable properties to the subject property. During the market appeal of a property, the appraisal district will use the most similar properties available, close in age, size, and attributes, and compare only those using a sales comparison grid. This ‘Sales Comparison Approach’ is similar to that that a fee appraiser would use to appraise a property for banks and mortgage companies for financing. In any comparison, appropriate adjustments are required prior to comparing the subject to each one. The goal of adjustments, is to adjust the sales price of the comparable sale to make it most like the subject as if it sold on January 1 of the current tax year.
The sales price of each comparable is adjusted to the subject and the sum of positive and negative adjustments is shown in the grid as “Net Adjustments”. The net adjustment amount is then added to or subtracted from the sales price of that comparable, with the result of this calculation being the indicated value for each comparable used. “Subject’s Indicated Value” via the sales comparison approach. Typically, a sales comparison grid will include at least three comparable sales, sometimes more, and after the adjustment process there will be an indicated range of value shown at the bottom of the grid. The indicated value is then divided by the living area of the subject property to derive an indicated value per square foot of the subject property. The indicated value range and/or indicated value per square foot range is compared to the current market value appraisal of the subject property to determine if the current appraisal is reasonable and supported by comparable sales. The results are then listed in the Median Value per square foot and Median Value for the subject property.
Comp Grid Definitions
Description of characteristic
|Prop ID||Property identification number|
|Situs Address||Physical address of property|
|Neighborhood Adjustment||Group of properties with similar market characteristics|
|Market Value||Total appraised value of the property|
|Market Price / SQFT||Market value divided by living area (improvement SQFT)|
|Sale Price Adj||Sale price of comparable+/- any adjustments made above|
|Sale Date||Date of sales contract|
|Land Value Adj||Difference in Lot/Acre value of sugject and comparable (subject land vale – comparable land value)|
|Class||Overall quality rating of the improvement|
|Class Adj||Value difference between quality of comparables|
|Living Area||Total square footage of livable area based on outside measurements|
|Actual Year Built||The year the property was built|
|Effective Year Built Adj||Value adjustment made for age of improvements|
|Segments & Adj||Total area for living and garage area|
|Net Adjustment||Value of adjustments + or –|
|Indicated Value||Total value after adjustments|
|Indicated Value / SQFT||Adjusted price per Square foot|
|Median Value / SQFT||Median value per Square foot|
|Median Value||Median value of the property|
411 E. Central Ave.
Belton, TX 76513
301 Priest Dr.
Killeen, TX 76541
205 E. Central Ave.
Temple, TX 76501
Mailing Address For ALL Locations:
P.O. Box 390
Belton, TX 76513
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Monday – Friday
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