Assessor Paul D. Petersen

Maricopa County Assessor's Office

Glossary

Easement for Enjoyment and Use

An interest in real property that conveys use, but not ownership, of a portion or all of an owner's property. A provision in the PUD's C.C. & R.'s conveying enjoyment and use of the common areas to the subdivision lot owners, their families and guests.

Economic Life

The period of time during which buildings or other improvements on a property are expected to contribute positively to the value of the total property. At the end of this period, the improvements are normally demolished and replaced. Also referred to, seen as Economic Years.

Economic Obsolescence

A cause of depreciation which is a loss in value as a result of impairment, inutility, or desirability caused by factors outside the property's boundaries. Or referred to as External Obsolescence.

Economic Rent

See Market Rent.

Effective Age

Indicates the actual age of construction or an age based on the condition and utility of the improvement.

Effective Gross Income

The potential gross rent, less vacancy and collection loss, plus miscellaneous income. Also referred to EGI.

Effective Tax Rate

The tax rate expressed as a percentage of market value. It will be different from nominal tax rate when the assessment level is not equal to one.

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.

Engineering Breakdown Method

A detailed age-life method that can be used in conjunction with the quantity-survey or unit -in-place methods of estimation RCN.

Equalization

The process by which an appropriate governmental body attempts to ensure that property under its jurisdiction is appraised equally at market value, or as otherwise required by law.

Escape Assessment

An assessment to increase the roll value for a previous year when a property is under assessed or misses assessment.

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 Market Value

Is the assessor's estimate of what a property would sell for in an arm's length transaction. Market value is defined as the most probable price that a well-informed buyer would pay a well-informed seller for a property without either party being unduly pressured to buy or sell.

Exterior Wall

The primary construction material used for the exterior wall.