Appraise and apprise certainly look and sound similar but they are not the same. Appraise means to estimate or set a value on, whereas apprise simply means 'to tell.'

To appraise something is to determine its value or to evaluate it. For instance, one might appraise an antique lamp to be worth $40. To apprise is to make someone aware of something.

To appraise means to “consider or examine somebody/something and form an opinion about it”; also, relatedly, “to officially examine a building, an object, etc. and say how much it is worth”. To apprise is when we “tell or inform somebody of something”. Its synonyms include words like inform, notify or make (someone/something) aware.