| ACCESSORY IMPROVEMENTS |
| Improvements other than the principal buildings.
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| ADJUSTMENTS |
| Modifications in the reported value of a variable, such
as sale price. For example, adjustments can be used to estimate market value
in the sales comparison approach by modifications for differences between
comparable and subject properties.
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| AD VALOREM |
| IAccording to value.
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| AD VALOREM TAX |
| A tax levied in proportion to the value of the thing(s) being
taxed. Exclusive of exemptions, use-value assessment provisions, and the like,
the property tax is an ad valorem tax.
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| ANTICIPATION, PRINCIPLE OF |
| Value is
the present worth of all the anticipated future benefits to be derived from a property.
The benefits, in the form of an income stream or amenities, are those benefits anticipated
by the market. The assessor should not allow personal opinion to influence
the estimation of anticipated future benefits. Prior sales and prior income
streams are important only when the parallel the current actions of buyers, thus
providing an indication of what may be expected in the future. The principle is
related to the principle of change, which can sometimes make the prediction of future
benefits difficult.
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| APPRAISAL RATIO |
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(1) The ratio of the appraised value to an indicator of market value.
(2) By extension, an estimated fractional relationship between the appraisals and market values of a group of properties.
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| APPRAISAL RATIO STUDY |
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A ratio study using independent appraisals as indicators of market value.
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| APPRAISAL-SALE PRICE RATIO |
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The ratio of the appraised value to the
sale price (or adjusted sale price) of a property; a simple indication of
appraisal accuracy.
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| APPRAISAL STANDARDS BOARD |
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The division of the APPRAISAL FOUNDATION that develops, publishes, interprets, and amends the
Uniform Standards of Professional Appraisal Practice on behalf of appraisers and users of appraisal services.
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| ASSESSMENT |
| (verb) The official act of discovering, listing, and appraising
property. (noun) The value placed on property in the course of such act.
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| ASSESSMENT EQUITY |
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The degree to which assessments bear a consistent relationship to market value.
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| ASSESSMENT LEVEL |
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The common or overall ratio of assessed values to market values.
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| ASSESSMENT RATIO |
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(1) The fractional relationship an assessed value bears to the market value of the property in question.
(2) By extension, the fractional relationship the total of the assessment roll bears to the total market value of
all taxable property in a jurisdiction. See level of assessment.
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| ASSESSMENT-SALE PRICE RATIO |
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The ratio of the assessed value to the sale price (or adjusted sale price) of a property.
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| AVERAGE DEVIATION |
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The arithmetic mean of the absolute deviations of a set of numbers from a measure of central tendency, such as the median.
Taking absolute values is generally understood without being stated. The average deviation of the numbers 4,6, and 10
about the median (6) is (2 +0+4)/3 =2. The average deviation is used in computing the coefficient of dispersion.
(COD).
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