Appraisal Value and Assessed Value in Italy.

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