||An appraisal based on fair market value determines the assessed value for the purpose of property tax. Fair market value is determined based on comparisons with similar properties. The comparisons may be based on construction cost data, the property's ability to producing rental income, and real estate market transactions. These comparisons are most fair and equitable when they are based on property characteristics that are accurately recorded in the assessor's office. Property inspections provide the assessor/appraiser with critical information on the quality and condition of buildings, producing capacity of land, characteristics of land and negative impacts on property value.