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Appraisal Glossary Page 2 of 3
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An appraiser who is paid a fee for the appraisal assignments he or she performs.

The flat surfaces along the courses of rivers, streams, and other bodies of water that are subject to overflow and flooding.

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.

A person to whom property is transferred by deed or to whom property rights are granted by a trust instrument or other document.

A person who transfers property by deed or grants property rights through a trust instrument or other document.

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.

Click here to expand contentClick here to collapse content  IAAO

International Association of Assessing Officers.

All buildings, structures, pools, fences, etc., fixed to the land. For example, a house built on a vacant lot is considered an improvement.

An appraisal method in which the property is valued according to its ability to produce income.

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.

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.

A means of entering; an entrance.

In real estate, a formal, legal document, e.g., a contract, a deed, a lease, a will.

A statement in words or codes identifying land for all purposes of law.

Click here to expand contentClick here to collapse content  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.

The process of creating maps from recorded documents such as deeds and subdivision plats.

Estimates property value by comparison to similar properties that have sold in the open market.

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.

The process of valuing a universe of properties as of a given date utilizing standard methodology, employing common data, and allowing for statistical testing.

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).

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.

The owner of title to a property as indicated by public records.


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Sources: Idaho Tax Commission International Association of Assessing Officers


Dan Anderson

Dan Anderson

Office Location
1230 Main Street
Lewiston, ID 83501

Mailing Address
P.O. Box 896
Lewiston, ID 83501



Office Hours
8:00 AM to 5:00 PM

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