HOW REAL ESTATE APPRAISALS CAN BE USED AFTER A DISASTER
Real estate appraisals are important for insurance claims and rebuilding after wildfires in Los Angeles. Appraisals help determine replacement costs for damaged or destroyed properties. How appraisals are used Insurance claims: Replacement value is used to determine insurance claims, not market or appraised value. Rebuilding: Appraisals help determine how much it will cost to rebuild properties. Property tax relief: Property owners may qualify for temporary property tax relief if their property was damaged or destroyed by the wildfires. Factors that affect appraisals Inflation: There will likely be inflation based on supply and demand for materials and labor. Damaged neighborhoods: Damaged homes and neighborhoods may see an immediate decrease in value. Sense of community: If neighboring homes have been destroyed, the sense of community may be lost. Perception of risk: There may be a perception of risk when will the next fire occur? Assistance from the Los Angeles County Assessor's Office The Los Angeles County Assessor's Office can assist property owners and respond to reports of property damage.