Assessor Paul D. Petersen

Maricopa County Assessor's Office

Glossary

Mailing Address

The address all correspondence is currently being sent to.

Market Price

Is the amount actually paid or about to be paid in a particular transaction.

Market Rent

Is the amount actually paid or about to be paid in a particular transaction.

Market Value

The most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently, knowledgeably and for self-interest, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue stimuli or duress.

Mass Appraisal

The systematic appraisal of groups of properties, as of a given date, using standardized procedures and statistical testing.

Mass Model

A method of determining the full cash value of property by noting the different characteristics of properties that are sold and using a multiple linear regression formula to assign weight to these different characteristics. This method values land and improvements as a unit. Used primarily for urban residential property where similarity of properties and sufficient volume of sales provides accurate data.

Master Planned Community

Development consisting of a large number of separate, subdivided projects with a wide variety of uses, including fairly substantial commercial and public use facilities to support the community. Common areas are typically owned by the developer initially and eventually by a multi-tiered property owner association consisting of a master association with junior, auxiliary association owning and controlling common areas in a particular subdivision subject to the master association. Sun City and Ahwatukee are good examples of master planned communities.

Meridian

A principle north-south line in the rectangular land survey system.

Metes and Bounds

A land description system in which boundaries are described as distance between two semi-permanent points or as lines following compass bearings.

Metes and Bounds System

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).

Model

  1. Is a four digit number that describes the type of building and provides a quality indicator. The first two digits are an indicator of the buildings initial design (i.e. warehouse). The third digit describes the specific type of building (i.e. "storage" warehouse). The fourth digit is a quality indicator. The range is generally 1 to 5 with the higher number being better quality.
  2. Mathematical equations used to analyze quantities of data. Most of the models used in real estate appraisal are based on one of the three approaches to value.

Model Calibration

The development of adjustments, or coefficients based on sales analysis, that identifies specific factors that have an actual effect on market value.

Model Class

An overall rating or grade given to the residence.

Model Specification

The formal development of a model in a statement or equation, based on data analysis and appraisal theory.

Mortgage

A legal document providing a specific property as security for a loan under certain terms and conditions.

Multiple Regression Analysis

A statistical technique similar to correlation used to analyze data in order to predict the value of one variable (dependent), such as market value, from the known values of other variables (independent) such as lot size, number of rooms, etc. Also referred to as MRA.

Multiple Use

  1. A combination of compatible land uses in an area
  2. A combination of compatible uses in a single building

MVS

Marshall Valuation Service, published by Marshall Swift.