What does the term 'reconciliation' refer to in the context of property appraisal?

In the context of property appraisal, 'reconciliation' specifically refers to the process of balancing different appraisal approaches to arrive at a final value estimate for a property. Appraisers often use multiple methodologies, such as the cost approach, sales comparison approach, and income approach, to evaluate a property's worth from various perspectives.

The reconciliation process involves assessing and weighing the results from these different approaches to determine which is most applicable or reliable for the specific property in question. This ensures that the final value reflects a comprehensive understanding of the property's characteristics and market conditions.

The other concepts mentioned, such as comparing sales data, determining replacement costs, and calculating depreciation expenses, are important procedures within the appraisal process but do not specifically define reconciliation. They may be components or steps that contribute to the overall valuation, but reconciliation is fundamentally about integrating those various outputs into one cohesive and balanced estimate of value.