Commercial Real Estate Appraisal Services Brooklyn, New York & Queens

HMS Associates provides a wide range of residential and commercial real estate appraisal services. Here are some examples:

Assessment Appeal Services

There are as many different procedures for appealing assessments as there are property taxing districts, so it's important to work with experienced professionals. HMS Associates will conduct an independent, third-party report based on our own evaluation. Tax assessments are calculated from property values that may have been recorded some time ago, when it is possible property values were considerably higher depending on the property and when it was assessed. The lag between the current market value and the value at the time of assessment could mean a higher tax burden than is warranted. Media reports indicate dramatic increases in the number of tax appeals being filed in municipalities across the country. A tax appeal can remedy the situation, and a professional appraisal could determine whether an appeal is warranted.

The deadline for filing an appeal with the Tax Commission in New York City is March 1st and in New Jersey the deadline for filing is April 1st. For information on the appeal process in other municipalities, please contact us at info@hmsassociates.net and we will be happy to assist you.

Estate Valuations

If your estate involves real property, a professional real estate appraisal is required. Whether you need to pay estate taxes or are interested in selling the property, an appraisal from a reliable and experienced appraiser is critical in evaluating the property.There are many situations when you might need to know the value of a property on a specific date in the past, known as a retrospective appraisal rather than when the appraisal was conducted. For estate tax purposes or disposition of assets of a decedent, HMS Associates can provide a "date of death" valuation as well as many different valuations that you may need in the probate process

The first step in deciding "Who gets the house?" is getting an accurate appraisal. HMS's professional, high quality appraisals will stand up in court proceedings and under the most sensitive circumstances

Residential Appraisals

HMS Associates offers comprehensive appraisal services, form reports, narrative reports, field reviews, desk reviews and additional products designed to meet your specific needs.

Commercial Appraisals

Highly credentialed commercial appraisers with more than 20 years experience are available to conduct appraisals for multi-family buildings, warehouse and other industrial buildings, Gas stations, auto repair shops and car wash buildings, office buildings and other commercial properties.

Single-Family Residential Appraisal (1004)

This report is completed on the URAR form 1004 and provides the benefit of a full interior and exterior inspection of the subject property. This report is used to estimate the market value of the subject property as defined in Uniform Standard of Professional Appraisal Practice (USPAP), and is completed in compliance with HMS Associates and customer guidelines. The product includes the following attachments: a completed URAR form, subject property photos including front, rear, street scene and any amenities substantially affecting marketability and/or value, comparable sales photographs, flood map if property is located in a flood prone area, a floor plan sketch with exterior dimensions and gross living area calculations, location map showing accurate locations of the subject and all sales utilized in the report and appropriate certifications and limiting conditions.

Single-Family Residential Appraisal, Non-Owner Occupied (1004)

This report is similar in all respects to the standard Single Family Residential Appraisal with the following additions: A completed Single Family Rent Schedule (form 1007) and an Operating Income Statement (form 216).

Two-to-Four Unit Residential Appraisal (1025)

Appraisals of two-to-four unit residential properties are reported utilizing the Small Residential Income Property Appraisal Report. This report provides analysis of competitive listings, cost approach, an analysis of competitive rents, and a sales comparison analysis. Included in the attachments is a completed operating income statement. Other attachments in a two-to-four unit appraisal are: subject property photographs including a front, rear and street scene, photographs of the comparable rentals and comparable sales, location map detailing the locations of the subject and all rentals, listings and sales utilized in the report, a floor-plan sketch with exterior dimensions and gross living area calculations for each unit and appropriate certifications and limiting conditions.

Condominium Appraisal (1073 and 1004)

Condominium appraisals are reported on the Individual Condominium Unit Appraisal Report and comply with USPAP, HMS Associates, and customer guidelines. Condominium appraisals completed for FHA loans will be reported on the URAR form 1004. A full interior and exterior inspection of the subject unit is made and a concise analysis of the project and market are provided. Attachments comparable to those included with the single-family residential report are also included in the condominium report. Non-owner-occupied unit appraisals include a completed rent schedule and operating income statement.

Cooperative Interest Appraisal (1075)

Appraisals of Cooperative Units are reported on the Individual Cooperative Interest Appraisal Report. A complete interior and exterior inspection of the subject unit and the project is made and a concise analysis of the project is reported. The form also includes the number of shares attributable to the subject unit, monthly maintenance fees, total number of shares outstanding for the project and blanket financing information. Underlying mortgage information is also a required reporting component and includes: outstanding balance, monthly payment, rate, and type of mortgage, mortgage due date and tax information. A complete cooperative appraisal includes the following attachments: sketch showing interior unit dimensions and gross living area calculations, interior subject photographs, exterior subject photographs and project amenities, photographs of the exterior of each comparable sale, a map detailing the location of the subject and all comparable sales considered in the report and appropriate certifications and limiting conditions.

Consulting Service for Potential Investment Properties

HMS Associates offers a valuable consulting service for investment properties. We advise investors on property values and potential investment properties by providing a thorough analysis of potential return on investment, including market trends that are vital to important decisions regarding real estate investment. Our consulting service can evaluate all types of properties, ranging from a single-unit condominium or co-op to multi-family properties, to raw development sites in any of the five boroughs and throughout the tri-state area. As independent appraisal consultants, we are completely unbiased in our consultation, providing only our professional, facts-based investment advice.