For a larger glossary of many terms used in property appraisal, please see the International Association of Assessing Officers' Glossary for Property Appraisal and Assessment .


The environment of a subject property that has a direct and immediate impact on its value.

Neighborhood Analysis

A study of the relevant forces which influence property values within the boundaries of a homogenous area.

Net Income

The income expected from a property, after deduction of allowable expenses.

Net Income Multiplier

A factor expressing the relationship between value and net operating income; the reciprocal of the overall rate.

Net Income Ratio

The ratio of net income to total gross income. It can be expressed as a percentage of potential gross income or of effective gross income. Traditionally, the net income ratio is expressed as a percentage of effective gross income.

Net Leasable Area

The area within a building or structure that is actually occupied by an individual tenant. Net leasable area does not include any of the common areas shared by other tenants, such as lobbies, restrooms, etc.

Net Lease

A lease in which the landlord (lessor) receives a stipulated rent amount and the tenant (lessee) pays all operating expenses and taxes attributable to the property. A net lease produces net income to the lessor.

Net Operating Income

The income expected from a property, after deduction of allowable operating expenses. Also referred to as NOI.

New Construction

The construction of new buildings, additions to existing buildings, or alterations which convert the property to another use or extends the economic life of the improvement, is reassessed, establishing a new base year value for only that portion of the property.

New Improvement Value

Is the amount added to the property's estimated market value due to additions, remodeling and other changes to the property.

Nominal Tax Rate

A mathematical expression of the relationship between the tax levy and the total assessment for a jurisdiction. (Levy divided by assessment = nominal tax rate).

Notice Value/Date

This refers the assessment notice that is mailed to a property owner concerning changes in the assessed value of the property. It contains information such as the Market and Assessed values as well as the date it was mailed. If property owners disagree with this change they must request an informal hearing with the Assessor's Office within the specified time frame regarding any change.

Number of Rooms

The total number of rooms in the residence, i.e. living room, dining room, family room, kitchen, bedrooms, den. (This does not include bathrooms).