Different appraisals for Different Purposes

1)Insurance Appraisals. This is based on the replacement value. Focus on how much the house can be rebuilt. More on structure, not on land.

2)County Assessment. For tax purposes. Done annually. Usually based on purchase price(in California). For re-assessment, based on census tract value(prorated on sqft).

3)Appraisal used by lenders. Valid only for 4 months since the property value changes fast. Focus on comparables.