Appraisal Value and Assessed Value in Italy.

The appraisal value is an appraiser's opinion (not determination) ofthe current worth of a property on the real estate market. The assessed value isthe value placed on real estate property by government assessors fordetermining ad valorem taxes. Assessed value is used rarely as basis forappraisal value. The Italian appraisal practice is characterized by valuationsdeveloped in subjective opinions formulated by the valuers, according to theexperience and the competence rather than on the survey of the market data ofcomparable properties. These opinions are indicated by the term expertise,borrowed from the estimates made in the art market. In Italy, the valuation ofthe properties applies a form of expertise based on subjective opinion ratherthan on the market prices. The basis of the expertise is one synthetic estimate ofthe value based on a single parameter, often derived from generic list of intervalvalues quotations.