Property Valuation
An Illinois appraiser adjusts for 'market conditions' (time adjustments) in the sales comparison approach to account for:
ADifferent square footage between the subject and comparable properties
BChanges in market prices between the comparable sale date and the appraisal date✓ Correct
CDifferences in property tax rates between counties
DThe seasonal variation in listing prices throughout the year
Explanation
Time (market conditions) adjustments account for price changes in the market between when a comparable property sold and the effective appraisal date. In a rising market, comparables that sold 12 months ago may understate today's value—a positive adjustment is warranted.
Related Illinois Property Valuation Questions
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