Market appraisal

A market appraisal is an estimate of a property’s value, usually provided by a valuer or real estate agent. The Commissioner of State Revenue will generally accept a written market appraisal from a registered valuer or real estate agent, supported by at least 3 comparable sales in the last 12 months. If there are not at least 3 recent comparable sales—for example, because the residential property is in an area where sales are infrequent—the Commissioner will consider the evidence submitted. Further corroboration may be required based on factors like the location of the property, the type of property and the time between sales.