Glossary

Is the estimated age for appraisal purposes, based on comparison with other structures of the same type, depending on the actual condition of the property.

Ad Valorem

Means "according to value".

Appraisal

An opinion of the value of property, supported by evidence.

Assessment

The official act of discovering, listing and appraising property for ad valorem tax purposes.

Coefficient of Dispersion

A unit which measures uniformity. The average absolute deviation from the mean or median divided by the mean or median.

Comparable or Comp

A property which has a similar location and is similar in construction and amenities.

Correlation

Whereby the appraiser evaluates and selects from among two or more alternative conclusions to reach a single answer for a final value estimate.

Cost Approach to Value

An appraisal method in which the value of the land considered as vacant is added to the depreciated value of the improvements to obtain the estimated market value of the whole property.