What does the term "effective date" refer to in an appraisal document?

The term "effective date" in an appraisal document specifically refers to the date when the property valuation is made. This date is crucial because it establishes the point in time at which the appraiser assesses the property's value based on the data available and current market conditions. It assures readers of the report that the valuation reflects the circumstances and information leading up to that specific moment. Understanding the effective date is vital for anyone relying on the appraisal, as real estate markets can fluctuate significantly over time, influencing property values. This makes it important for clients and stakeholders to see when the valuation was conducted to interpret the results accurately in the context of their needs or decisions regarding the property.