Copyright © 2006 - 2007 Downers Grove Township•••••All Rights Reserved
Copyright © 2006 - 2007 Downers Grove Township•••••All Rights Reserved
GLOSSARY
Data Sheet
A form which lists the subject and comparable property and their amenities for comparison purposes.
Depreciation
Is a loss in property value from any cause.
Depreciation Observed
An estimate of depreciation, based on actual inspection of the property.
Physical Depreciation
Wear and tear.
Functional Obsolescence
From conditions within the structure.
Economic Obsolescence
From conditions outside the property.
Equalizing
A mass appraisal method whereby the last three years of sales in a given jurisdiction or neighborhood code are then studied as to how the sales correspond to the assessments (a sales ratio study). If, on an overall basis the median level of assessment is less than 33.333%, a multiplier is applied to all properties to increase the assessments; likewise, if the median level of assessements is above 33.333%, then a multiplier is applied to all properties to decrease assessments.
Exemption
A benefit, by law, which reduces the assessed value of a property.
Front Foot
A strip of land one foot wide fronting on a street and running the entire depth of the lot.