Acquisition Cost

1. The cost of acquiring the property, including the actual cost of the item of the property.
2. The cost of transporting the property to its present site.
3. The cost of installing the item of personal paid.

Acre

A land measure equal to 43,560 square feet.

Acreage

Units used to measure the size of a property.

Ad Valorem Tax

Tax levied based on the value of an item. Property tax is an ad valorem tax, which is based on the assessed value of the property.

Ad Valorem Taxation

According to the value of the property.

Adjusted Sale Price

The sale price adjusted, as necessary, for the differences between the comparable and subject properties.

Affidavit of Affixture

An Affidavit of Affixture changes a mobile home from personal property to real property by declaring that the unit is permanently attached to a parcel also owned by the mobile home owner. The Affidavit, once completed, is filed with the County Recorder and made available to the Assessor to modify the parcel record accordingly.

In rare circumstances, an Affidavit of Affixture may be filed for a mobile home that is on land that the unit owner does not own. The requirements to do so are described in Arizona law under A.R.S § 33-1501 .

Age/Life

A method of estimating accrued depreciation based on the age of the property and its economic life. Another term is straight line depreciation.

Air Conditioning Type

The primary cooling source for the residence.

Amenity

A tangible or intangible benefit of real property that enhances its attractiveness or increases the satisfaction of the user, but is not essential to its use. Natural amenities may include a pleasant location near water or a scenic view of the surrounding area; man-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.

APN

A numeric system for referring to each parcel of property within the county. (Composed of map books, pages, blocks and parcels.) Also referred to as Assessor's Parcel Number.

Appraisal

The act or process of estimating value; an estimate of value. An analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate.

Appraisal Date

The moment in time for which a valuation is prepared. The date as of which an appraisal is made.

Appraised Value

A professional estimate of the actual value of a property.

Appreciation

An increase in property value, from all causes.

Approaches to Value

Systematic procedures used to derive value indications in real property appraisal. (See also: cost approach, income capitalization approach, sales comparison approach).

Appurtenance

Something that has been added or appended to a property and has since become an inherent part of the property. Usually passed with property when title is transferred.

Aquatic Animal

A cultured aquatic wildlife propagated or maintained in an aquaculture facility for distribution or sale. A.R.S. § 3-2901 (3)

Arm's Length Sale

A sale between two unrelated parties, each of whom is reasonably knowledgeable of market conditions and under no undue pressure to buy or sell.

Assessed FCV

Assessed Full Cash Value. This number is no longer meaningful after the passage of Proposition 117, which shifted all property taxes to be based only on the Assessed LPV.

Assessed LPV

The Assessment Ratio multiplied by the Limited Property Value. The result is the basis for property taxation through tax rates.

Assessed Value

The monetary amount which a property is entered on the assessment roll for purposes of computing the tax levy. Assessed value equals full cash value multiplied by the assessment ratio.May be higher or lower than market value, or based on an assessment ratio that is a percentage of market value.

Assessment

The entire process of determining market value, deriving an assessed value, recording that assessed value on the tax roll, and applying the appropriate tax rate to that assessed value to derive the amount of taxes due. "Assessment" also serves the function of official public notification that property has been valued and taxed. By statute, for most property types, an assessment notice is provided to the property owner (or the legal entity responsible for payment of taxes). See A.R.S. § 42-15101 . Although the term "assessment" often seems to be used as though it were synonymous with the term "valuation," the two terms refer to distinct and separate concepts.

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 Level

The common or overall ratio of assessed values to market values.

Assessment Ratio

This is a variable set in statute for each property class. This variable is multiplied by LPV to determine Assessed LPV.

Assessment Roll

The official list of all property within the County assessed by the Assessor.

Assessor

The head of an assessment jurisdiction, which may be an elected or appointed position.

Assessor Parcel Map

Assessor parcel maps reflect the legal boundaries and dimensions of each parcel, and serve as the basis for land value assessments.

Asset

Any owned physical object (tangible) or right (intangible) having value; a source of wealth, expressed in terms of its cost, depreciated cost or, less frequently, some other value.

Associated Parcels

Other parcels included in a valuation for that entire set of parcels.

Attribute

Characteristic of a property.

Audit

An examination of books, records, and property to verify the information provided to the county assessor for assessment purposes.