An appraisal fee is a payment made to an appraiser for evaluating the value of a property and producing an official appraisal report.
In real estate, 'area' refers to a two-dimensional space defined by boundaries, such as floor area, the area of a lot, and market area. The concept of area is crucial in various real estate applications including property assessment, planning, and development.
In the context of real estate, an assessment refers to the amount of tax or special payment due to a municipality or association, or an owner’s or lessee’s proportionate share of a common expense.
The assessment base, also known as the tax base when applied to property taxes, is the total value of the property within a jurisdiction that is subject to taxation. This term is crucial in understanding how municipalities calculate property taxes and fund essential services.
An Assessment Roll is a public record of the assessed value of property within a taxing jurisdiction. It is certified for completeness and accuracy by the tax assessor annually.
Biennial refers to events or processes that occur every two years. In real estate, this can relate to property assessments, contract renewals, or other cyclical activities.
The 'Date of Appraisal' refers to the specific date on which the value of a property is determined by an appraiser. It is a crucial component in real estate transactions as it establishes the value of a property at a specific point in time, impacting sale prices, taxes, and loan terms.
`Depth Tables` are a set of percentages indicating the proportion of site value attributable to each additional amount of depth in the lot. These tables help in understanding and appraising land value, especially when the depth of the lot exceeds standard dimensions.
A homestead exemption is a legal provision that helps reduce the amount of property taxes on domiciles owned by qualifying individuals. These exemptions can vary by jurisdiction and may provide additional benefits for certain groups such as seniors or disabled individuals.
The International Association of Assessing Officers (IAAO) is a nonprofit, educational, and research association dedicated to promoting innovation and excellence in property appraisal, assessment administration, and property tax policy.
A LINK is a unit of distance commonly used by surveyors, where 100 links form a surveyor’s chain. One link is equivalent to 7.92 inches or 0.66 foot.
Multiple regression is a statistical technique used to predict the value of one dependent variable based on the values of two or more independent variables. This method is commonly used in real estate for property valuation and mass appraising.
A Real Estate Appraiser is a professional who evaluates and estimates the value of properties. The appraiser considers many factors, including location, condition, and market trends, to provide an unbiased opinion of the property's market value. Their services are crucial for transactions such as buying, selling, refinancing, and property taxation.
Real estate tax is a levy on property that the owner is required to pay. This tax is usually a major source of revenue for local governments and is often assessed as an ad valorem tax, based on the property's value.
Reassessment is the process of revising or updating the value estimate of property for ad valorem tax purposes. It forms the basis for determining the property taxes homeowners and businesses owe to local government entities.
A Review Appraiser is a professional who specializes in conducting thorough assessments of appraisal reports to ensure accuracy, adherence to standards, and quality compliance. They play a crucial role in the real estate appraisal process by validating the work of the original appraiser.
A State-Certified Appraiser is a professional who has met the stringent requirements set by state appraisal boards, ensuring they possess the expertise to provide accurate property valuations for various purposes such as sales, mortgages, and investments.
A structural inspection is an evaluation of the integrity of a structure or a building's foundation conducted by a licensed professional structural engineer. This process aims to identify any potential or existing structural issues that might jeopardize the safety and stability of the building.
A Tax Appeal or Tax Protest is an effort to reduce ad valorem property taxes, typically based on the argument that the assessed value is greater than the market value or that the assessment does not ensure equal and uniform taxation.
A tax assessor is a local government official responsible for determining the value of properties within a jurisdiction for taxation purposes, playing a key role in how property taxes are assessed and collected.
