Create a basic cost valuation (residential)

Create and manage a basic cost valuation for a residential appraisal.

Prerequisites

  • Edit Appraisals permission is required to create appraisal valuations.

  • Override Appraisal Costs permission is required to override values and adjustments.

Create a basic cost valuation

  1. On the appraisal record, select the Valuations tab.
  2. Select Add Valuation.
  3. For Valuation Type, select Basic Cost.
  4. For Cost Data Set, select a year.
  5. Select Add Valuation.

Add a building

Add a building to be included in the basic cost valuation.

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost section, select Add Building.
  3. Populate the fields.
  • Residence Type: Select the type of residence, either Mobile Home Only or Residence Only.
  • Description: Enter a description of the building.
  • Year Built (optional): Enter the year the building was built.
  • Effective Age (optional): The age of the building automatically populates based on the Year Built.
  • Override (optional): Select the Override checkbox to edit the Effective Age.
  • Quality Grade (optional): Enter or select the quality grade.
  • Condition (optional): Enter or select the condition of the building.
  • Mobile Home Type (optional): Select Single Wide or Double Wide.
  • Length (feet) (optional): Enter the length of the mobile home.
  • Width (feet) (optional): Enter the width of the mobile home.
    Note: The Mobile Home Type, Length (feet), and Width (feet) fields only display for Mobile Home Only residence types.
  • Number of Stories (optional): Enter or select the number of stories.
  • Exterior Walls (optional): Select Add Row to select the wall Type and Percent of Total.

    To remove a row, select the Delete icon.

  1. Select Add Building.

The building is added and the Building Details panel displays.

Expand the Building Details panel to manage Building Characteristics, Associated Sketches, Building Components, and Other Improvements.

Edit building characteristics

After a building has been added, you can edit its details.

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost section, expand the Building Details panel.
  3. On the Building Characteristics panel, select Edit.
  4. Adjust the fields as needed. For field descriptions, see Add a building.
  5. Select Save.

The updated information displays in the Building Characteristics panel.

Add an associated sketch

After a building has been added, you can add associated sketches.

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost section, expand the Building Details panel.
  3. On the Associated Sketches panel, select Add.

    Note: Sketches added to previous versions of the appraisal display in the grid.

  1. Locate the sketch in the grid and select the checkbox.
  2. Select Add Sketch.

The sketch displays in the Associated Sketches panel.

To remove the sketch, select the Remove icon.

Edit building components

After a building has been added, you can add and edit its components.

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost section, expand the Building Details panel.
  3. On the Building Components panel, select Edit.
  4. Populate the fields.
  • Depreciation: Enter the depreciation percentage of the building.
  • Functional/Economic Obsolescence: Enter the percentage of the functional or economic obsolescence of the building.
  • Additional Adjustment: Enter the additional adjustment percentage.
  • Additional Adjustment Description: Enter a description of the additional adjustment.

  1. Optional: To add a component, select Add Row and populate the fields.

  • Components: Select a component.
  • Component Condition (optional): Select the condition of the component.
  • Characteristics: Select the characteristic(s) of the component.

    These options vary based on the component.

  • Sketch Area (optional): Select a sketch area to link to the component and pull in the sketch values.
    Notes: The linked Sketch Area(s) are also copied when creating a new version or a new reassessment for the appraisal.
    View linked Sketch Areas in the Sketch Areas column on the Building Components panel.
  • Units (optional): Enter the number of the components located in the building.
  • Price Per Unit (optional): The price per unit automatically populates based on the component. Edit the amount, if needed.
  • Total: The total price of all the components automatically populates. Edit the amount, if needed.

  1. Optional: To add a miscellaneous component, select Add Row and populate the fields.

  • Miscellaneous Component Description: Enter a description of the component.
  • Units (optional): Enter the number of the components located in the building.
  • Price Per Unit (optional): Enter the price per unit amount.
  • Total: The total price of all the components automatically populates. Edit the amount, if needed.
  1. Select Save.

The information displays in the Building Components panel.

Edit other improvements

After a building has been added, you can add and edit other improvements, such as a pool or fencing.

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost section, expand the Building Details panel.
  3. On the Other Improvements panel, select Edit.

  1. To add a component, select Add Row and populate the fields.

  • Components: Select a component.
  • Component Condition (optional): Select the condition of the component.
  • Characteristic: Select the characteristic(s) of the component.

    These options vary based on the component.

  • Sketch Area (optional): Select a sketch area to link to the component and pull in the sketch values.
    Notes: The linked Sketch Area(s) are also copied when creating a new version or a new reassessment for the appraisal.
    View linked Sketch Areas in the Sketch Areas column on the Other Improvements panel.
  • Units (optional): Enter the number of the components located in the building.
  • Price Per Unit (optional): The price per unit automatically populates based on the component. Edit the amount, if needed.
  • Depreciation (optional): Enter the depreciation percentage of the component.
  • Total: The total price of all the components automatically populates. Edit the amount, if needed.

  1. To add a miscellaneous component, select Add Row and populate the fields.

  • Miscellaneous Component Description: Enter a description of the component.
  • Units (optional): Enter the number of the components located in the building.
  • Price Per Unit (optional): The price per unit automatically populates based on the component.
  • Depreciation (optional): Enter the depreciation percentage of the component.
  • Total: The total price of all the components automatically populates. Edit the amount, if needed.
  1. Select Save.

The information displays in the Other Improvements panel.

Update a linked sketch area

When a building component is flagged with a pending update via a sketch area link, the Update Linked Sketch Areas button displays on the Building Details panel header. Select the button to update the units and recalculate the building/appraisal values on the components linked to the sketch areas of the Associated Sketch.

Important: If the sketch area was deleted from the sketch, the link between that area and any associated components are removed.

  1. On the appraisal record, select the Valuations tab.
  2. On the Building Details panel header select Update Linked Sketch Areas.

Any pending updates are automatically made on the components linked to the sketch areas of the Associated Sketch.

Manage miscellaneous buildings

Edit miscellaneous building details.

  1. On the appraisal record, select the Valuations tab.
  2. On the Miscellaneous Buildings panel, select Edit.
  3. Populate the fields.
  • Description: Enter a description of the building.
  • Units (optional): Enter the number of the buildings located on the parcel.
  • Price Per Unit (optional): Enter the price per unit amount.
  • Depreciation (optional): Enter the depreciation percentage of the building.
  • Total: The total price of all the units automatically populates.

  1. Select Save.

The information displays in the Miscellaneous Buildings panel.

Manage land details

Edit Land Base and Land Improvement details.

Edit land base information

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost section, expand the Land Details panel.
  3. On the Land Base panel, select Edit.
  4. For Location Adjustment, enter the adjustment percentage for the location.
  5. To add a component, select Add Row and populate the fields.
  • Components: Select a land component, either Number of Acres, Number of Lots, or Front Footage.
  • Units: Enter the number of the components.
  • Price Per Unit: Enter the price of each unit.
  • Adjustment %: Enter the adjustment percentage.
  • Total: The total price automatically populates based on the Price Per Unit and Adjustment %. Edit the amount, if needed.

  1. Select Save.

The information displays in the Land Base panel.

Edit land improvements

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost section, expand the Land Details panel.
  3. On the Land Improvements panel, select Edit.

  4. To add a component, select Add Row and populate the fields.

  • Components: Select a component.
  • Component Condition (optional): Select the condition of the component.
  • Characteristic Type(s): Select the characteristic type(s) of the component.

    These options vary based on the component.

  • Units (optional): Enter the number of the components located in the building.
  • Price Per Unit (optional): The price per unit automatically populates based on the component. Edit the amount, if needed.
  • Depreciation (optional): Enter the depreciation percentage of the component.
  • Total: The total price of all the components automatically populates. Edit the amount, if needed.

  1. To add a miscellaneous component, select Add Row and populate the fields.

  • Miscellaneous Component Description: Enter a description of the component.
  • Units (optional): Enter the number of the components located in the building.
  • Price Per Unit (optional): The price per unit automatically populates based on the component.
  • Depreciation (optional): Enter the depreciation percentage of the component.
  • Total: The total price of all the components automatically populates. Edit the amount, if needed.
  1. Select Save.

The information displays in the Land Improvements panel.

View and manage valuation information

The details of the valuation display at the top of the Basic Cost screen.

You can view and print an appraisal card, apply and override adjustments, or change the cost data set of the valuation.

View and print an appraisal card

View and save or print a PDF of the appraisal card.

  1. On the appraisal record, select the Valuations tab.

  2. Select Appraisal Card.

    A PDF of the appraisal opens in a new browser window and can be saved to your computer or printed.

Apply adjustments

Apply adjustments calculated based on the previous appraisal version.

Note: If applying an adjustment to Version 1 of an appraisal, the system assumes the prior value is zero when calculating the adjustment value for building and land.
  1. On the appraisal record, select the Valuations tab.

    At the top of the Basic Cost screen, the valuation information displays.

  1. Select the Adjustment checkbox.

    The Building and Land Adjustment Appraisal amounts display and the Total is recalculated.

Important: For reassessment appraisals, the Adjustment checkbox can only be checked and enabled if there is a non-zero override value in either the Building Adjustment Appraisal or Land Adjustment Appraisal field.

Override adjustments

Override a building or land adjustment to enter a new value.

  1. On the appraisal record, select the Valuations tab.

    At the top of the Basic Cost screen, the valuation information displays.

  2. Select Override Adjustments.

  3. Select the Override checkbox for Building Adjustment Appraisal and/or Land Adjustment Appraisal.

    Important: For reassessment appraisals, there are no Override checkboxes. Simply enter the override amounts for Building Adjustment Appraisal and/or Land Adjustment Appraisal. If you select Save with zeros in the fields, zeros will be saved as an override.

  4. Enter a new value.

  5. Select Save.

The new adjustment value displays in the valuation information section and the Total is recalculated.

Change a cost data set

Recalculate the building and land values based on a different Cost Data Set.

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost screen, select the Cost Data Set drop-down arrow and select a year.

  3. On the confirmation message, select Yes.

The new values display in the valuation information section and the Total is recalculated.

Refresh a cost data set

If a mistake was made or you need to change the amounts, refresh the Cost Data Set to recalculate the values.

  1. On the appraisal record, select the Valuations tab.
  2. On the Basic Cost screen, select Refresh Cost Data Set.
  3. On the confirmation message, select Yes.

The new values display in the valuation information section and the Total is recalculated.