Top 10 important words and phrases for Real Estate Assessor

Top 10 important words and phrases for Real Estate Assessor 1. Appraisal An appraisal is an expert's evaluation of a property's value. Assessors often rely on appraisals to determine accurate assessments. 2. Market Value Market value refers to the price a property would fetch in the current market. Assessors consider this when assessing a property's worth. 3. Assessed Value Assessed value is the value assigned to a property for taxation purposes. It's typically a percentage of the property's market value. 4. Depreciation Depreciation is the decrease in a property's value over time due to factors like wear and tear or market conditions. 5. Comparable Sales Comparable sales are recently sold properties similar to the one being assessed. They help assessors determine a property's value. 6. Zoning Zoning refers to the division of land into different zones for specific uses, such as residential, commercial, or industrial. 7. Easement An easement is a legal right to use someone else's property for a specific purpose, like accessing a public road. 8. Encumbrance An encumbrance is any claim or liability on a property, such as a mortgage or a lien. 9. Assessor's Parcel Number (APN) An APN is a unique identifier assigned to each parcel of land. It helps assessors keep track of properties. 10. Fair Housing Act The Fair Housing Act prohibits discrimination in housing based on race, color, religion, sex, or national origin.