Assessor Paul D. Petersen

Maricopa County Assessor's Office

Glossary

Factory-Built Building

A building which is either wholly or in substantial part manufactured at an off-site location. This definition excludes manufactured housing,mobile homes and recreational travel trailer vehicles.

Fair Cash Value

The value or price at which a willing buyer would purchase property and a willing seller would sell property if both parties are knowledgeable about the property and its uses and if neither party is under any undue pressure to buy or sell and for real property shall mean the value for the highest and best use for which such property was actually used, or was previously classified for use.

Fair Market Value

The amount of cash or its equivalent that a property would bring if exposed for sale in the open market. Also known as Full Cash Value.

Fee Appraiser

An appraiser who is paid a fee for the appraisal assignments he or she performs.

Fee Simple Absolute

In land ownership, complete interest in a property, subject only to governmental powers. Also referred to as Fee Simple.

Final Order of Condemnation

A judicial order transferring either an easement or fee title to a plaintiff for property condemned under eminent domain proceedings.

Fiscal Year

The period beginning July 1 and ending June 30.

Fixture

An item of tangible property that was originally personal in nature, but because of the way it is used, the way it is attached, or both, has become an integral part of the building, it is classified as real property.

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.

Fractional Assessment

Assessments that by law or by practice have assessment ratio/levels different from one.

Fractional Section

A subdivision of a Township containing more or less than 640 acres of land. Typically accounting for the overage or deficiency in acreage is done on the north and/or west side of a section, and Fractional Section are found on the north and/or west side of a Township.

Full Cash Value

Arizona Revised Statutes defines Full Cash Value (FCV) as being synonymous with market value. For assessment purposes, Full Cash Value approximates market value except for possible conditions unique to mass appraisal. This value is for the tax year shown at the top of your valuation notice page.

Full Cash Value (FCV) reflects market, unless other statutory calculations are mandated, and is the appealable value. The FCV represents the value of the land and improvements. When there is no statutory formula, the FCV is determined using standard appraisal methods and techniques. Beginning with tax year 2015, the LPV is utilized to calculate property taxes with the exception of Personal Property (excluding mobile homes) and centrally valued properties identified in A.R.S. § 42-12001, § 42-12002, § 42-12003, § 42-12004, § 42-12005, § 42-12006, § 42-12007 and § 42-120011.

Full Economic Cost

Cost for appraisal purposes. Includes all market costs (direct and indirect) necessary to purchase or construct equipment and make it ready for its intended use.

Functional Obsolescence

A cause of depreciation which is a loss in value due to inability of the structure to perform adequately, the function for which it is used, as of the appraisal date.

Functional Utility

The ability of improvements to satisfy market standards and demands.