Typically, the goal of a residential appraisal report is to estimate a property's

Assessed value refers to the value assigned to a property by a governmental assessing authority for taxation purposes. This value may not accurately reflect the current market conditions, as it is often based on criteria that may not align with market trends. Thus, the assessed value is not the primary focus of a residential appraisal.

Book value is an accounting term that represents the value of an asset as recorded on the balance sheet, often based on historical cost minus depreciation. This figure typically has little relevance in the context of a residential appraisal, which seeks to estimate current market conditions rather than reflect past accounting measures.

Condemnation value refers to the value assigned to a property when it is taken by the government for public use, typically under eminent domain laws. This value is specific to legal situations and does not reflect the general market value that residential appraisals aim to estimate.