A public record of the assessed value of property within a taxing jurisdiction, known as an assessment roll, lists individual tracts of land and their assessed values.
An official who determines property values, generally for real estate taxes.
A cadastre is a comprehensive register of the real property in a jurisdiction, which includes detailed information about property boundaries, land ownership, and the value of the land and its improvements. It is commonly used to determine the amount of tax assessed on each parcel of land.
Computer-Assisted Mass Appraisal (CAMA) refers to proprietary software used to make fast valuations of one or more real properties. This software ranges from simple tools that apply a fixed percentage increase to property values, to highly sophisticated systems that utilize complex statistical techniques to compare and consider other properties.
An Equalization Board is a government agency that determines the fairness of taxes levied against property. It ensures that all counties within a state assess property at a uniform rate for equitable state-level redistribution.
An assumption within an appraisal that is so essential that the value opinion would be erroneous if the assumption proved to be false.
A Hypothetical Condition is a situation assumed to be true for the purposes of analysis or appraisal, even though it is contrary to known facts.
Reproduction cost refers to the cost required for an exact duplication of a property, whether real or personal, taking into account the original materials, design, and workmanship as of a specific date. It is distinct from replacement cost, which involves replicating the functional utility of a property rather than creating an exact copy.
