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Don't be hassled by real estate
agents when you need an accurate and comprehensive home
value report for your home. With us, you'll get the same
information used by appraisers, underwriters, and
investors to determine property values.
You'll receive information on up
to ten of the most recent comparable sales matching
your property, as well as a property valuation range, area historical sales
averages, and full details about your
property.
Our home value report is the
most complete and comprehensive available on the market
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you will receive, just
click here
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Place your order and your reports
will be emailed to you within 24 hours (although
delivery time is usually less than one hour).
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Appraisal:
Glossary
A
ACRE: A land measure equal to 43,560 square feet.
AD VALOREM TAX: A real estate tax
levied in proportion to the value of the property.
APPEALS PROCESS: Idaho Code
establishes procedures for appealing the
valuation/classification of properties. Normally the
sequence of events starts with an informal appeal to the
Assessor, to the local Board of Equalization, the State
Board of Tax Appeals and finally the court system.
APPRAISAL: An opinion of value based
upon market conditions.
APPROACHES TO VALUE: Valuation
methods used in the determination of property value. The
three common approaches for real property are the cost
approach, income approach and market (comparable sales)
approach.
ARMS-LENGTH TRANSACTION: A sale
between two unrelated parties seeking to maximize each
of their positions from the transactions.
ASSESSMENT: The valuation of property
for tax purposes.
ASSESSMENT ROLL OR "ROLL":
A listing of all property and its assessed value.
ASSESSED VALUE: The property value
determined by the County Assessor and used by the
Treasurer to calculate a tax amount. The assessed value
is essentially the value of the lot and the house, minus
the Homeowner’s Exemption ($50,000 or 50% of the
improvement value, whichever is less).
ASSESSMENT YEAR: In Idaho, the lien
date is January 1. The assessed value of the property is
based on its market value as of the lien date.
ASSESSOR: The elected official whose
legal responsibility it is to discover, list and value
all property in his jurisdiction.
B
BOARD OF EQUALIZATION (BOE): A nonjudicial, appointed
body (the county commission) which attempts to ensure
that property under its jurisdiction is appraised
equitably and at market value.
C
CAMA: Computer-Assisted Mass Appraisal is the process by
which property is appraised utilizing computers,
computer models and analytical programs.
CATEGORY/DESCRIPTION: Categories of
property established by the State Tax Commission, for
purposes of assessment, equalization and taxation.
COMPARABLES: A shortened term for
similar property sales, rentals, or operating expenses
used for comparison in the valuation process; also
called "comps".
COST APPROACH: Estimates property
value by determining replacement cost new, less
depreciation, plus the land value.
CURABLE DEPRECIATION: Items of
physical deterioration or functional obsolescence that
are economically feasible to cure. Economic feasibility
is indicated if the cost to cure is equal to or less
than the anticipated increase in the value of the
property.
D
DEPRECIATION: 1. In appraising, a loss in property value
from any cause; the difference between the reproduction
or replacement cost of an improvement on the effective
date of the appraisal and the market value of the
improvement on the same date; 2. In regard to
improvements, depreciation encompasses both
deterioration and obsolescence.
DETERIORATION: Impairment of
condition; a cause of depreciation that reflects the
loss in value due to wear and tear, disintegration, use
in service, and the action of the elements.
E
EASEMENT: A limited right in a piece of land owned by
another. This entitles the holder of the right to some
use of the land. For instance, if Barney owns a property
that is completely surrounded by Fred's property, Barney
can get an easement to build a driveway from his
property to the main road.
EGRESS: A way out; an exit or outlet.
EMINENT DOMAIN: The right of
government to take private property for public use upon
the payment of just compensation. The Fifth Amendment of
the U.S. Constitution, also known as "the takings
clause," guarantees payment of just compensation
upon appropriation of private property.
EQUALIZATION: The process by which an
appropriate governmental body attempts to ensure that
all property under its jurisdiction is assessed
equitably at market value or at a ratio or ratios as
required by law.
ESCHEAT: The right of government that
gives the state titular ownership of a property when its
owner dies without a will or any ascertainable heirs.
ESTIMATED TAX: This amount is
calculated by multiplying the assessed value by the
prior year's levy.
F
FEE APPRAISER: An appraiser who is paid a fee for the
appraisal assignments he or she performs.
FLOODPLAIN: The flat surfaces along
the courses of rivers, streams, and other bodies of
water that are subject to overflow and flooding.
FORECLOSURE: The legal process in
which a mortgagee forces the sale of a property to
recover all or part of a loan on which the mortgagor has
defaulted.
G
GRANTEE: A person to whom property is transferred by
deed or to whom property rights are granted by a trust
instrument or other document.
GRANTOR: A person who transfers
property by deed or grants property rights through a
trust instrument or other document.
H
HIGHEST AND BEST USE: The reasonable, probable, and
legal use of vacant land or an improved property, which
is physically possible, appropriately supported,
financially feasible, and that results in the highest
value. The four criteria the highest and best use must
meet are: legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
I
IAAO: International Association of Assessing Officers.
IMPROVEMENTS: All buildings,
structures, pools, fences, etc., fixed to the land. For
example, a house built on a vacant lot is considered an
improvement.
INCOME APPROACH: An appraisal method
in which the property is valued according to its ability
to produce income.
INCURABLE DEPRECIATION: An element of
accrued depreciation; a defect caused by a deficiency or
superadequacy in the structure, materials, or design,
which cannot be practically or economically corrected.
INDUSTRIAL PROPERTY: Land and/or
improvements that can be adapted for industrial use; a
combination of land, improvements, and machinery
integrated into a functioning unit to assemble, process,
and manufacture products from raw materials or
fabricated parts.
INGRESS: A means of entering; an
entrance.
INSTRUMENT: In real estate, a formal,
legal document, e.g., a contract, a deed, a lease, a
will.
L
LEGAL DESCRIPTION: A statement in words or codes
identifying land for all purposes of law.
LOT: 1. A distinct piece of land; a
piece of land that forms a part of a district,
community, city block, etc.; 2. A smaller portion into
which a city block or subdivision is divided; described
by reference to a recorded plat or by definite
boundaries; a piece of land in one ownership, whether
platted or unplatted.
M
MAPPING: The process of creating maps from recorded
documents such as deeds and subdivision plats.
MARKET APPROACH: Estimates property
value by comparison to similar properties that have sold
in the open market.
MARKET VALUE: The most probable
price, as of a specified date, in cash, or in terms
equivalent to cash, or in other precisely revealed terms
for which the specified property rights should sell
after reasonable exposure in a competitive market under
all conditions requisite to a fair sale, with the buyer
and seller each acting prudently, knowledgeably, and for
self-interest, and assuming that neither is under undue
duress.
MASS APPRAISAL: The process of
valuing a universe of properties as of a given date
utilizing standard methodology, employing common data,
and allowing for statistical testing.
METES AND BOUNDS SYSTEM: A system for
the legal description of land that refers to the
parcel's boundaries, which are formed by the point of
beginning (POB) and all intermediate points (bounds) and
the courses or angular direction of each point (metes).
O
OBSOLESCENCE: One cause of depreciation; an impairment
of desirability and usefulness caused by new inventions,
changes in design, improved processes for production, or
other external factors that make a property less
desirable and valuable for a continued use; may be
either functional or external.
OWNER OF RECORD: The owner of title
to a property as indicated by public records.
P
PARCEL: A piece of land of any size in one ownership.
PARCEL NUMBER: A code number that
serves as an abbreviation of, or replacement for, a
parcel's legal description; used to facilitate the
storage and use of land data in an information system;
may be based on geocodes, government surveys, or tax
maps.
PERSONAL PROPERTY: Identifiable
portable and tangible objects that are considered by the
general public to be "personal", e.g.,
furnishings, artwork, antiques, gems and jewelry,
collectibles, machinery and equipment; all property that
is not classified as real estate. Personal property
includes movable items that are not permanently affixed
to, and part of, the real estate.
PLAT: 1. A plan, map, or chart of a
city, town, section, or subdivision indicating the
location and boundaries of individual properties; 2. A
map or sketch of an individual property that shows
property lines and may include features such as soils,
building locations, vegetation, and topography.
Q
QUITCLAIM DEED: A form of conveyance in which any
interest the grantor possesses in the property described
in the deed is conveyed to the grantee without warranty
of title.
R
REAPPRAISAL: The mass appraisal of all property within
an assessment jurisdiction normally accomplished within
a given time period. Also called revaluation or
reassessment. In Idaho, 100% of all properties are
reassessed every five years.
REAL PROPERTY: Land and improvements
to the land.
T
TAX CODE: Indicates which taxing entities will receive
revenues generated from property taxes levied against
this property.
TAX EXEMPTIONS: Those qualified
individuals, as stipulated in Idaho State Code, entitled
to an exemption of a specified amount of Assessed Value.
Those who are blind, disabled, widows or widowers and
disabled veterans may be eligible.
TAX ROLL: A listing of real property
parcels. This file includes information about parcel
ownership and mailing address, property location, land
use and valuation.
TAX BASE: Total assessed value in a
given tax district.
TAXABLE VALUE: Taxable value is the
value of property as determined by the Assessor using
methods proscribed by Idaho Statute and State Tax
Commission rules. Generally speaking, taxable value of
real property is the appraised value of the land and the
current replacement cost of improvements less statutory
depreciation.
TAX EXEMPT PARCELS: Idaho law exempts
all property owned by federal, state and local
governments from taxation. This includes property for
schools, parks, libraries, government buildings, roads,
airports, military installations and other public areas.
The law also exempts churches and some other charitable
organizations.
TITLE: All of the elements that
constitute the legal right to own, possess, use control,
enjoy and dispose of real estate.
TITLE COMPANY: The entity that
ensures the title for the owner of the property.
U
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP):
Current standards of the appraisal profession, developed
for appraisers and the users of appraisal services by
the Appraisal Standards Board of The Appraisal
Foundation. The Uniform Standards set forth the
procedures to be followed in developing an appraisal,
analysis, or opinion and the manner in which an
appraisal, analysis, or opinion is communicated. They
are endorsed by the Appraisal Institute and by other
professional appraisal organizations.
UNSECURED PROPERTY: Taxable property
which does not attach to the real estate, such as
business equipment and fixtures, mobile/manufactured
homes and airplanes.
V
VALUATION: The process of estimating the market value,
insurable value, investment value, or some other
properly defined value of an identified interest or
interests in a specific parcel or parcels of real estate
as of a given date. Valuation is a term used
interchangeably with appraisal.
VALUE: 1. The monetary worth of a
property, good, or service to buyers and sellers at a
given time; 2. The present worth of the future benefits
that accrue to real property ownership.
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