When should adjustments be made to the subject property?

Adjustments to the subject property are a critical aspect of property appraisal. The purpose of making adjustments is to ensure that the value assessed reflects the property's true worth by considering differences between it and comparable properties.

The correct understanding is that adjustments should be made whenever new data is available or in comparison to similar properties. This is essential because property values can fluctuate based on market conditions, changes in the property itself, or the characteristics of comparable properties. For instance, if comparable properties recently sold at higher values due to improvements in the neighborhood or changes in demand, adjustments would be necessary to accurately reflect these differences.

This approach ensures that the appraisal remains relevant and accurate, helping avoid significant discrepancies that could arise if adjustments were never made or made only under certain conditions, such as a sale. Therefore, recognizing the necessity of timely and relevant adjustments enhances the appraisal process and leads to a more accurate valuation.