The Assessment Ratio is the ratio of a property's assessed value to its market value. It is used by tax authorities to determine the amount of property tax due by property owners.
Form appraisal utilizes standardized forms, such as the Fannie Mae Form 1004, Form 2055, and the Uniform Residential Appraisal Report (URAR), to provide a systematic approach to real estate valuation.
An appraisal principle stating that the value distribution of a uniformly deep commercial lot is such that 40% lies in the front quarter, 30% in the next quarter, 20% in the third quarter, and 10% in the last quarter. This rule is essential in assessing property value for compensation in eminent domain cases.
The land/building ratio is a comparative value of land relative to the improvements, commonly used in the assessment of property worth in real estate to understand property valuation dynamics.
Taxable Value, also referred to as Assessed Value, is the dollar amount assigned to a property for the purposes of calculating property taxes. It's an estimation of a property's market value determined by the local tax assessor.
