An opinion of a property’s fair market value, based on what a willing buyer will pay and what a willing seller will accept for a piece of real property, in an arms-length transaction, and on an appraiser’s knowledge, experience, and analysis of the property.
A person who is in the business of making appraisals for a fee or salary and who is qualified to estimate the value of real and personal property based on education, training, experience, judgment of facts and the use of the formal appraisal processes.
The increase in value of property over a time period
A transaction such as a sale of property in which all parties involved are acting in their own best-interest and are under no undue influence or pressure to act from any other parties.
1. In real estate, a sale without any guarantees as to condition and where the premises are being accepted by a buyer or tenant as they are including any physical defects. Illegal in many states. 2. A sale made with only the disclosure of latent defects. See Caveat empto
An amount that might be higher or lower or at market value or that is based upon a percentage of market value that is placed upon a piece of property by a public authority as a basis for levying ad valorem taxes on the property.
The official valuation placed on property for ad valorem taxation or public improvements.
The ratio of assessed value divided by market value.
See Tax roll.
An official whose responsibility is to discover, list and value real property for ad valorem taxation.
