GLOSSARY
General Reassessment Year (Quadrennial)
A review and reassessment of all properties every four years by the Assessor. Individual assessment notices are mailed to each property owner, along with a publication of all assessments in the newspaper. During the ensuing three years, the Assessor, the Supervisor of Assessments (County Chief Assesment Officer), and the Board of Review has the authority, by statute, to equalize properties in the Township to arrive at a level of one third of market value.
Gross Rent Multiplier
Sale price divided by the gross income expressed in a percentage or multiplier. The relationship between the gross income and value.
Highest and Best Use
The value which will generate the highest net return to a property over a period of time. The use must be legal and reasonable, profitable and probable.
Improvement
A building or structure.
Income Approach to Value
An appraisal method used to estimate the market value of a property based on the income it produces or is capable of producing. Also known as the Capitalization Approach.
Legal Description
A statement which serves to identify the location and boundaries of a parcel of land.
Levy
The amount of funds required from the property tax system to support a taxing body.