Most people are familiar with what is commonly called a "bank appraisal" especially if they have gone through a re-finance of their home. Most people also assume the Revaluation Company will use the same procedure. Although the basic appraisal concepts are the same and the results similar, the process is different. In a Revaluation, the value of your property is based on an analysis of the entire Wolcott real estate market for the period of October 1, 2020, to and including October 1, 2021. A study is done of sales that occurred during this period so that the Revaluation Company can establish valuation parameters such as construction tables, land rates, market adjustment tables, etc. When these valuation parameters are applied to the properties that are sold, the resulting value should be very close to its sales price. After testing these valuation parameters, the Revaluation Company will then apply these valuation parameters to all properties in Wolcott. By doing so, the Revaluation Company is approximating the market value for every property in Wolcott from information derived from all Wolcott sales. Therefore, there are no three specific sales used to estimate the market value of your home. All recent sales were included in the analysis that established the valuation parameters.