Abandonment – the relinquishing of all rights and interests real property, including any fixtures, with no intention of reuse or reclaim.

Abatement – (1) an official reduction or elimination of one’s assessed valuation after completion of the original assessment (2) an official reduction or elimination of one’s tax liability after completion of the tax roll.

Absolute Ownership – Ownership of all real property rights and interests in a real estate parcel.

Acceleration Clause – a condition in a mortgage note or loan contract that allows the lender to demand immediate repayment of the entire balance if the contract is breached or other repayment conditions occur.

Access Right – the right of egress from and ingress to a property from an existing highway or street. (see bundle of rights)

Acre – a land measure equal to 43,560 square feet.

Acreage – acres collectively; usually sued in reference to a tract of land potentially ripe for development to a higher use such as farmland, residential subdivision or a shopping center.

Addition – (1) a term sometimes used to denote a subdivision (2) an increase in the value of fixed assets due to the acquisition of a new property or the enlargement of an old one.

Adjacent – near or close to something.

Adjustable Rate Mortgage (ARM) – mortgage loans on which the interest rate is periodically adjusted to more closely coincide with current rates.

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.

Adverse Possession – open and hostile possession and occupation of real property in order to acquire title.

Ad Valorem – according to value.

Ad Valorem Tax – a tax levied in proportion to the value of the things being taxed.

Affidavit – a written form of an affirmed or sworn statement.

Age/Life Method – a method of estimating accrued depreciation founded on the premise that, in the aggregate, a neat mathematical function can be used to infer accrued depreciation from the age of a property and its economic life. Another word for this is “straight-line depreciation.”

Agent – a person who acts for another person by the latter’s authorization.

Agricultural Property – improved or unimproved land that is devoted to or available for the production of crops and/or other agricultural products, livestock, and agricultural support buildings.

AIN – Assessor’s Identification Number.

Air Rights – the rights to use space above real estate.

Amenity – a feature of an improvement that enhances its suitability for its basic use. A fireplace in a single family residence is an amenity such as covered parking at an apartment complex. By definition, amenities always increase value.

Amortize – the process of repaying a loan or recovering a capital investment by means of a series of scheduled payments; typically includes interest charges and principal repayment in each of the scheduled payments.

Appeal – a process in which a property owner contests in assessment either informally or formally.

Appraisal – (1) the act of estimating the money value of property (2) the money value of property as estimated by an appraiser

Appraisal, Acquisition – an appraisal to determine the market value of a property that is to be taken by eminent domain, so that the owner might be justly compensated.

Appraisal, Complete – the act or process of estimated value or an estimate of value performed without invoking the departure provision  (USPAP).

Appraisal, Judgment – conclusion of value made by an appraiser based on all relevant data.

Appraisal Date – the date as of which a property’s value is estimated.

Appraisal Foundation – the organization authorized by US Congress as the source of appraisal standards and appraisal qualifications.

Appraisal Principles – the economic concepts underlying appraisal. See under principle of: anticipation, balance, change, conformity, contribution and substitution. See also competition, demand and highest and best use.

Appraise – to make an estimate of value, particularly of the value of property.

Appraiser – one who estimates the value of a property; more commonly, one of a group of professionally skilled persons holding themselves out as experts in valuation.

Appraiser Licensing and Certification – a procedure whereby appraisers gain permission from the state to practice without supervision by demonstrating appropriate pre-licensing skills and by agreeing to maintain and improve their skills and to conduct themselves I accordance with professional standards at times.

Appreciation – increase in value of a property, in terms of money, form causes other than additions and betterments.

Appurtenance – in appraisal, an appurtenance is any addition to a property that becomes a part of that property. Generally, an appurtenance differs from a fixture in that the fixture was once personal property.

Arms Length – a transaction in which the parties have no relationship to each other except by the transaction itself.

Assess – to value property officially for the purpose of taxation.

Assessed Value – (1) a value set on real estate and personal property by a government as a basis for levying taxes  (2) the monetary amount for a property as officially entered on the assessment roll for purposes of computing the tax levy.

Assessee – individual to whom an assessment is made.

Assessment – (1) generally, the official act of determining the amount of the tax base  (2) as applied to property taxes, the official act of discovering, listing, and appraising property, whether performed by an assessor, a board of review, or a court  (3) the value placed on property in the course of such act.

Assessment, Special – a compulsory charge imposed by a government on the owners of a selected group of properties to defray, in whole or part, the cost of a specific improvement or service that is presumed to be of general benefit to the public and of special benefit to the owners of such properties.

Assessment Base – the total assessed value of all property within a designated area; the property tax base.

Assessment Date – the status date for tax purposes. Appraised values reflect the status of the property and any partially completed construction as of this date.

Assessment District – the administrative area in which the officer or public body responsible for making the original assessment has jurisdiction. The local assessment district is usually a county, township or city.

Assessment Review – the reexamination of assessments by a governmental agency that has the authority to alter individual assessments on its own motion.

Assessment Roll – the basis on which the property tax levy is allocated among the property owners in a jurisdiction with taxing powers. The assessment roll usually lists an identifier for each taxable parcel, the name of the owner of record, the address of the parcel or the owner, the assessed value of the land, the assessed value of the improvements, applicable exemption codes and the total assessed value.

Assessment Year – (1) a year beginning on the day after the assessment date and ending on the assessment date in the calendar year next following (2) the 365 days beginning with the appraisal date

Assessor – (1) the head of an assessment agency; sometimes used collectively to refer to all administrators of the assessment function (2) the public officer or member of a public body whose duty it is to make the original assessment

Assign – to transfer property or a specified interest in property.

Assignment – the transfer of any personal or real property or any rights in a property.

Assumption Fee – a lender’s fee for processing records when a new buyer assumes an existing loan.

Assumption of Mortgage Agreement – an agreement in which the buyer accepts liability for repayment of an existing debt. Unless the seller is released he/she remains liable for the payment of such debt.

Audit – a systematic investigation of appraisal of procedures or operations for the purpose of determining conformity with specific prescribed criteria.

Audit Trail – a set of records of the changes made to another set of records.