County Home  |  Online Services  |  Visitors  |  Jobs  |  Government  |  Economic Development
 
  Menu
Can't find something? Tell us!
  
  Frequent Questions
 • General Questions
 • Appraisal
 • Business Personal Property
 • Maps/Splits
 • Tax Area Code

Glossary

Acre
A measurement of land equal to 43,560 square feet.

 
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.
 
Adjusted Sale Price
The sale price adjusted, as necessary, for the differences between the comparable and subject properties.
 
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
Acronym for Assessor Parcel Number, a unique nine-digit identifier based on the Book, Map, Parcel, and Split for that property.

 
Appraisal
An estimate of value based on data relating to the subject property.

 
Appraisal Date
The moment in time for which a valuation is prepared. The date as of which an appraisal is made.
 
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.
 
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 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 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 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.
 
Attribute
Characteristic of a property.
 
Base-Lot Method
A method of appraising land parcels whereby each parcel to be appraised is compared with a parcel of known value, called the base lot.
 
Board of Equalization
A nonjudicial board that reviews assessments to see that all districts are assessed at a uniform level of value; authorized to raise or lower the assessments to achieve a uniform basis of taxation.
 
Building Improvements
Usually means the betterment of real property by the addition of a structure(s) or the addition of additional capacity to an existing structure.
 
Business Description
A general classification specifying the type of trade a business is engaged in, such as manufacturing, retailer, wholesaler, or professional services.
 
Business Personal Property
Business personal property is assessable, and includes computers, supplies, office furniture and equipment, tooling, machinery and equipment. Most business inventory is exempt. (See personal property).
 
C.C.& R’s
Abbreviation for declaration of conditions, covenants and restrictions document. A legal document typically recorded by the subdivision developer concurrently with the subdivision plat map. Lists the express assurance and limitation on land binding on all current and subsequent owners.
 
Cadastral Map
A map displaying property ownership boundaries, dimensions, and other useful information, such as parcel identification numbers.
 
Capitalization Rate
The ratio between net income and value. The current value of a property can be estimated by dividing its current or stabilized net income by the appropriate capitalization rate.
 
Capitalized Leased Equipment
Items of equipment whose acquisition was funded on a lease contract, and the title of which will go to the purchaser with the final payment.
 
Cash Flow
Rental income remaining after deducting for operating expenses and debt service.
 
Casual Use Property
Common area property with a minimum of facilities used exclusively by project residents, their families and invited guests without restriction, subject to rules as established by the homeowner organization board of director, and at no additional cost or fee. No commercial uses or paid staff to coordinate activities are present in this type property. A professional management company or other services may be hired to maintain and repair said property.
 
CO-TRS
Co-Trustees.
 
Coefficient of Dispersion
A statistical measure of assessment uniformity for a category of property or for all property within a taxing jurisdiction. Also referred to as C.O.D.
 
Combination (Combo)
When two or more parcels are combined into one parcel.
 
Common Area
Land and improvements within a lot, parcel, or area for the beneficial use and enjoyment of all owners. The common area may be held by owners of lots or residential units as an undivided interest, owned in its entirety by a homeowners' association, or a combination of both.
 
Comparables
A shortened term for similar property sales, rentals, or operating expenses used for comparison in the valuation process; also called "comps".
 
Co-owner
The full name of the second owner of the parcel of property (e.g. Jane H. Doe).
 
Corner Influence
An effect on value found most often in commercial properties because of greater ease of entry and exit, accessibility to higher volume of traffic and increased show-window and advertising space.
 
Cost Approach
The method of estimating the value of property by: (1) estimating the cost of construction based on replacement or reproduction cost new or trended historical cost (often adjusted by a local multiplier); (2) subtracting depreciation and; (3) adding the estimated land value. The land value is most frequently determined by the sales comparison approach.
 
Cost Index
An index showing the variations in construction costs over time.
 
Cost Manual
Cost manual is a set of cost factors organized in schedules or tables, with instructions for their use.
 
Cost Model
A method of valuing property improvements by estimating their cost to replace and then depreciating this replacement cost for actual age of the improvement. Cannot be used to value the land. Depends heavily on accurate cost data and recognizing construction differences in structures.
 
Cost of Development
A method that projects improvements to the land, estimates the total revenues and development costs, and calculates the value residual to the land after subtraction of all costs, expenses, and profit.
 
County
The largest division of local government in all states except Louisiana and Alaska, where the comparable units are parish and borough, respectively.
 
County Board of Equalization
The board which, upon hearing competent evidence, has the authority to correct and adjust the assessment rolls in its respective county to conform to fair cash value.
 
Date of Sale
The date upon which the sale is agreed. This is considered to be the date the deed, or other instrument of transfer, is signed.
 
Date of Transfer
The date upon which the sale is agreed. This is considered to be the date the deed, or other instrument of transfer, is signed.
 
Declarant
Person or entity that creates and records the subdivision or condominium documents including the project C.C. & R. Typically synonymous with the project developer.
 
Deed
A written, legal instrument that conveys an estate or interest in real property when it is executed and delivered. (See also Quitclaim Deed, Warranty Deed).
 
Deed Restriction
A limitation that passes with the land regardless of the owner; usually limits the property’s type or intensity of use.
 
Depreciation
The loss in value from all causes to property, after construction or purchase.
 
Depreciation Schedules
Tables used in mass appraisal which show the typical loss in value at various ages or effective ages for different types of properties.
 
Deterioration
Impairment of condition; a cause of depreciation that reflects the loss in value due to wear and tear, disintegration, use in service, and the action of the elements.
 
Direct Capitalization
Converts an estimate of annual income into an estimate of value, directly, by dividing the annual income by an appropriate rate or by multiplying the annual income by an appropriate factor.
 
Direct Cost
Cost incurred in construction on the site. For Example; materials, labor supervision and utilities.
 
Discount Rate
The rate of return on investment; used to convert future income into present value. The rate an investor requires to discount future income to its present worth.
 
Discounted Cash Flow Analysis
A yield capitalization method used to calculate the present value of anticipated future cash flows.
 
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 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 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 Rent
See Market Rent.
 
Effective Age
The typical age of a structure with respect to condition and utility, as of the appraisal date.
 
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.
 
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.
 
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.
 
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.
 
Fractional Assessment
Assessments that by law or by practice have assessment ratio/levels different from one.
 
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 the page.
 
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.
 
GIS
One type of computerized mapping system capable of integrating spatial data (land information) and attribute data among different layers on a base map. Also referred to as Geographical Information Systems.
 
Golf Course
For purpose of valuation for property taxes in Arizona only those golf courses which meet all requirements set forth in A.R.S. 42-146.
 
Grantee
A person to whom property is transferred by deed or to whom property rights are granted by a trust instrument or other document.
 
Grantor
A person who makes a transfer of title to real estate.
 
Gross Leasable Area
All area within the outside walls, including lobbies, restrooms, janitor closets etc., designed for use and occupancy by the tenants.
 
Gross Lease
A lease in which the landlord (lessor) receives a stipulated rent amount and pays all of the operating expenses and taxes attributable to the property. A gross lease produces gross income to the lessor.
 
Hearing Date
The date of a scheduled appeal hearing for a property assessment appeal.
 
Heating Type
The primary heat source for the residence.
 
Historical Cost
The original (original purchase) cost of a building, improvement, or personal property, as opposed to current replacement, or reproduction cost.
 
Homeowners Organization
Typically a nonprofit, incorporated entity owned and controlled by the PUD lot owners. Its purpose is to operate and maintain the common area property. Also known as homeowner’s association.
 
IAAO
International Association of Assessing Officers.
 
Income Approach
The method of estimating the value of a property based on income capitalization. Income figures should reflect current market conditions and typical management. 2) A set of procedures through which an appraiser derives a value indication for an income-producing property by converting its anticipated benefits into property value. This conversion can be accomplished in two ways.  One year's income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate.
 
Indirect Costs
Cost incurred in construction away from the site. For example; fees, permits, insurance and loans.
 
Industrial Property
Land and/or improvements that can be adapted for industrial use; a combination of land, improvements, and machinery integrated into a functioning unit to assemble, process, and manufacture products from raw materials or fabricated parts; factories that render service, e.g., laundries, dry cleaners, storage warehouses, or those that produce natural resources, e.g., oil wells.
 
Ingress-Egress
A means of entering (ingress) and a way out; an exit or outlet (egress).
 
Intangible Personal Property
Rights over tangible real and personal property, but not rights of use and possession, for example, notes, bonds, stocks, patents, mortgages, copyrights, and insurance policies.
 
Interest
This is the amount that is imposed when payment is remitted after the due date.
 
Interest Rate
A rate of return on capital; the premium paid for the use of money.
 
Inventory
Items of personal property that become part of a product or are themselves a product that are held for sale or lease in the ordinary course of business.
 
Investment Property
Property that constitutes a business enterprise consisting of all tangible and intangible assets assembled and developed as a single unit of utility for lease or rental, in whole or in part, to others for profit; normally purchased in expectation of annual net income and/or capital gain.
 
Investment Value
Value to a specific investor. Investment value mayor may not coincide with market value depending upon the requirements of the specific investor.
 
Joint Tenancy
Joint ownership by two or more persons with the right of survivorship.
 
Land
Real estate or real property, except improvements.
 
Land Contract
A contract for sale in which the seller retains title until the buyer completes installment payments for the property. The sale is not recorded until title passes to the buyer. (See also Contract for Deed).
 
Land Description Systems
Common referred to as legal description, are written descriptions of the physical boundaries of property rights.
 
Land-To-Building Ratio
The proportion of land area to gross building area; typical land-to-building ratios for properties combine land and building components into a functional economic unit.
 
Land-to-Building Ratio
The ratio of land value to building (improvement) value. Also referred to as Land-to-Improvement Ratio.
 
Last Sold Date
The date on which a property parcel was last sold.
 
Law of Variable Proportions
Often called law of decreasing returns or the law of proportionality which states that when the quantity of one productive service is increased by equal increments, the quantities of other productive services remaining fixed, the resulting increment of product will decrease after a certain point.
 
Lease
A contract between an owner and tenant for the possession of real property that sets forth conditions for occupancy, use, and duration of the tenancy.
 
Legal Description
A description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and identified. A description of real property sufficient to locate it on the ground by reference to government surveys or approved recorded maps.
 
Legal Owner
The owner of title, as distinguished from the holders of other interests, e.g., beneficial or possessory interests.
 
Lessee
One who has the right to use or occupy property under a lease agreement.
 
Lessor
One who conveys the right to use and/or occupy property under a lease agreement.
 
Lien
The legal right to take or hold property of a debtor as payment or security for a debt.
 
Lien Date
The time when taxes for any fiscal year become a lien on property. The assessed value of property as of 12:01AM on the lien date (January 1) governs the tax status for the fiscal year beginning the following July 1.
 
Limited Property Value
A value of property which seeks the secondary value but is limited to maximum annual changes. Limited property value cannot exceed the full cash value. It is based on the previous year’s limited value increased by either 10 percent or 25 percent of the difference between the full cash value of the current year and the limited value of the prior year, whichever is greater, unless your property has been changed as defined ARS 42—201.01 C and D since the previous year. Used for taxation to fund general operating budgets.
 
Livable Square Footage
The area within the residence that is designed as living area, normally that which is heated and/or cooled.
 
Local Multiplier
An adjustment to replacement or reproduction cost new or historical cost, to reflect local costs.
 
Long-Lived Items
Items that are the basic structure of a building and are not usually replaced during economic life. For example: foundation, roof structure, and framing.
 
Lot
1. A distinct piece of land; a piece of land that forms a part of a district, community, city block, etc.; 2. A smaller portion into which a city block or subdivision is divided; described by reference to a recorded plat or by definite boundaries; a piece of land in one ownership, whether platted or unplatted.
 
Lot and Block Survey
A plat in which a larger parcel of land is subdivided into smaller units for the purpose of sale. Conveyances need only refer to only to the lot, block, plat book designation, and the county in which it was recorded.
 
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
The currently prevailing rent for properties comparable to the subject property.
 
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
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.
 
Neighborhood
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).
 
Obsolescence
One cause of depreciation; an impairment of desirability and usefulness caused by new inventions, changes in design, improved processes for production, or other external factors that make a property less desirable and valuable for a continued use; may be either functional or external.
 
Operating Expenses
The periodic expenditures necessary to maintain the flow of income from a property.
 
Overall Age/Life Method
Method of estimating accrued depreciation based on straight-line depreciation in which the building is assumed to depreciate by a constant percentage each year over its economic life.
 
Overimprovement
An improvement that does not represent the most profitable use for the site on which it is placed because it is too large or costly and cannot develop the highest possible land value; may be temporary or permanent.
 
Owner
The full name of the primary owner of the property parcel.(e.g. John P. Doe).
 
Owner of Record
The owner of title to a property as indicated by public records.
 
Ownership Type
A description of ownership type as provided by the Assessee, including proprietorship, partnership, corporation or business trust.
 
PAAA
Property Appraisal and Assessment Administration.
 
Paid
This is the amount of tax posted as paid for the year in question, either in installment payments or full payment. If you have paid funds that do not yet show paid, contact the Treasurer's Office at 520-866-6412.
 
Parcel
An area of land, of any size, that is capable of being conveyed by a single legal description in one ownership.
 
Parcel Number
This is a unique number assigned to each parcel. The first three digits are usually the Assessor's book number, the second two digits are the Assessor's map number, the next three are the Assessor's parcel number. If the parcel has been split, you will see a letter after the last three numbers.
 
Partial Interest
Divided or undivided rights in real estate that represent less than the whole.
 
Partnership
A business arrangement in which two or more persons jointly own a business and share in its profits and losses.
 
Patio Quantity
The number of covered patios and/or concrete slabs.
 
Patio Type
Covered patio, concrete slab, both, or none.
 
Penalty Assessment
A penalty for failure to file a Business Property Statement with the Assessor within the prescribed time. The penalty is equal to 10% of the assessed value of the unreported property.
 
Personal Property
Property that is not real is personal.  Identifiable portable and tangible objects, e.g., furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all property that is not classified as real estate; including airplanes, boats, and business property such as computers, supplies, furniture, machinery and equipment. (Most business inventory, household furnishings, personal effects, and pets are exempt from taxation.). Main characteristic of personal property is its movability without damage to itself or the real estate.
 
Physical Condition
An indicator of the overall condition of the primary structure.
 
Physical Deterioration
A cause of depreciation which is a loss in value due to wear and tear and the forces of nature.
 
Planned Unit Development
A type of residential, commercial, and/or industrial land development in which buildings are clustered or set on lots that are smaller than usual, and large, open park like areas (common areas) are included within the development. Individual properties are owned in fee with the joint ownership (directly or through a homeowner’s organization) of open space areas. Also referred to PUD.
 
Plat
1. A plan, map, or chart of a city, town, section, or subdivision indicating the location and boundaries of individual properties; 2. A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography.
 
Plot Plan
A plan showing the layout of improvements on a property site or plot; usually includes location, dimensions, parking areas, landscaping, and other features.
 
Point of Beginning
A survey reference point that is tied into adjoining surveys. In a metes and bounds description, courses that connect monuments or points are generally described from this point. Also referred to as POB.
 
Pool Area
The square footage of the water surface of pools and spas (if any).
 
Potential Gross Income
The total gross income at 100 percent occupancy. Also referred to as PGI.
 
Power of Attorney
A legal instrument in which a person authorizes another to act as his or her attorney or agent.
 
Price
Amount paid for an item.
 
Private Encumbrances
Private hindrances that affect value and sale price such as: easements, condominium controls, and deed or subdivision restrictions.
 
Property
Property includes an aggregate of things, or rights to things, which are protected by law. There are two basic types of property: real and personal. The Assessor assesses real estate (land and improvements), and taxable personal property.
 
Property Address
The physical address of the parcel of property.
 
Property Class
A descriptive code that identifies the type of property.
 
Property Tax Levy
The total amount of money to be raised from the property tax as set forth in the budget of a taxing jurisdiction.
 
Qualitative
Pertaining to the subjective nature of some variable of interest. For example, view, fire protection, quality, or site/location.
 
Quality
An indicator of the overall quality of the primary structure.
 
Quantitative
Pertaining to the objective nature of some variable of interest. It can be measured or counted with little ambiguity. For example, number of bathrooms, year built, additions, or size.
 
Quantity Survey Method
Method of cost estimating which requires complete itemization of all construction, labor, and material costs by components and subcomponents and all indirect costs.
 
Quarter Section
A subdivision of a Section containing 160 acres more or less, described by referencing the center point in the Section, i.e. the NE ¼ is north and east of the center point.
 
Quitclaim Deed
A form of conveyance in which any interest the grantor possesses in the property described in the deed is conveyed to the grantee without warranty of title.
 
Range Lines
Lines in succeeding six miles increments on either side of a Meridian.
 
Ratio Study
A study of the relationship between appraised values and market values. Indicators of market values may be either sales, or independent appraisals. The common interest in ratio studies is the level and uniformity of the appraisals.
 
RCLND
A method used by the Assessor to value business personal property. It is the cost to replace an existing property with a property of equivalent utility minus normal depreciation. (Replacement Cost less Normal Depreciation.)
 
RCN
Replacement cost new / reproduction cost new.
 
Real Estate
The physical parcel of land and all improvements permanently attached.  An identified parcel or tract of land, including improvements, if any.
 
Real Property
The rights, interests, and benefits connected with real estate.
 
Recorded Document
Any written instrument or judgment affecting the title or possession of real property submitted to the County Recorder and made of record by that office; includes Grant Deeds, Quitclaim Deeds, leases, contracts, and court decrees.
 
Rectangular Coordinates
A land description system where boundaries are described as lines running from points on a X and Y grid.
 
Rectangular Land Surveys
Land description system based on permanent, uniformly sized rectangular grids which can be subdivided into smaller units of land.
 
Rectangular Survey System
A system for the legal description of land that refers to the parcel's location in a township, an area approximately six miles square that is formed by the intersection of principal meridians and base lines. Each township contains 36, one-square-mile sections of 640 acres.
 
Regular Section
A one square mile subdivision of a township containing 640 acres.
 
Remaining Economic Life
The number of years remaining in the economic life of an improvement as of the appraisal date, and provides a basis for estimating the recapture rate used in the income approach.
 
Replacement Cost
The cost-of-constructing .a substitute structure of equal utility using current materials, design and standards.
 
Reproduction Cost
The cost of constructing a replica, or identical structure, using the same materials, construction standards, design and quality of workmanship.
 
Right of Survivorship
Right of the surviving joint tenant to acquire the interest of the deceased joint tenant in joint tenancies and tenancies by the entirety without any probate proceedings.
 
Roll
A listing of all assessed property within the county. It identifies property, the owner, and the assessed value of the property.
 
Roof Type
The predominate roof covering.
 
Sale Date
The date a parcel of property was sold for tax collection purposes.
 
Sale Price
The price for which a property was sold. See also adjusted sale price.
 
Sale Ratio/Assessment Ratio
The ratio of an appraised (or assessed value) to the sale price, or adjusted sale price of a property.
 
Sales Comparison Approach
The method of estimating the value of a property based on an analysis of sales of similar properties. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when comparable sales data are available.
 
Sales Price
The most recent price paid for the property. Only sales for the last three years are maintained.
 
Sales Ratio Study
A ratio study which uses sales prices as proxies for market values.
 
Sales/Assessment Ratio
The ratio of listed full cash value to selling price.
 
Sales-Ratio Analysis
A study of the relationship between assessed values and sale prices and the deviations that result from differences between the two; used to determine the efficiency and fairness of the assessment process in a particular jurisdiction.
 
Secondary Value
The value of property determined by the assessor each year. The secondary full cash value is the same as full cash value. Used for taxation to pay bonds, overrides and special districts.
 
Section
In the government survey system of land description, one of the 36 sections, each one mile square, into which each township is divided.
 
Seller
A person who makes a transfer of title to real estate.
 
Senior Valuation Freeze
Provides for those who apply and qualify, the taxable market value will not increase on a homestead property owned by a person 65 years of age or older before January 1 and whose gross household income does not exceed $25,000 for the previous year unless the individual ceases to own or occupy the property, the income exceeds the limit, or if improvements have been made to the property.  (S.Q. 677)
 
Separated Rights
Rights to property that have been separated by deed such as: air, mineral, water, and leaseholds.
 
Single Property Appraisal
Systematic appraisal of properties one at a time.
 
Site Amenities
The specific location-related attributes of a property; such as topography, utilities, street traffic, view, etc.
 
Situs
The physical location of a property, often represented by the physical address.

 
Special Districts
Special service governments created to provide a particular service, e.g., economic development districts, water resource management districts.
 
Stories
The number of stories in the primary structure.
 
Subdivision
A tract of land divided by means of a map, into lots or lots and blocks, for the purpose of sale or lease, generally for residential or commercial purposes.
 
Supplies
Assessable property used up in the normal operation of a business, but which are not intended for sale or lease.
 
Tax
A compulsory contribution legally exacted from persons, corporations, and other organizations by a government, for the support of government and the maintenance of public services.
 
Tax District
A political subdivision of one or more assessment districts where a governmental unit has the authority to levy taxes.
 
Tax Exempt Amount
The total amount of tax exemption (tax savings) that is being applied to the property.
 
Tax Levy
The total amount of money a taxing jurisdiction needs to raise through property taxation.
 
Tax Rate
A measure of tax liability expressed as a dollar amount for each one hundred dollars of property net assessed value (Arizona does not use ‘mills,’ which are per one thousand dollars.) Arizona has both primary and secondary tax rates, applied using primary and secondary net assessed values, respectively. The two rates cannot be added together unless the primary and secondary values are the same.
 
Taxation
The right of government to raise revenue through assessments on valuable goods, products, and rights.
 
Taxpayer
One who pays or is liable for a tax.
 
Tenancy
1. The holding of property by any form of title; 2. The right to use and occupy property as conveyed in a lease.
 
Tenancy in Common
An estate held by two or more persons, each of whom has an undivided interest.
 
Tenant Improvements
Improvements made by the tenant/lessee.
 
The Property Classification
Is mandated by State Law and is based on the use of your property.  Different classes of property are taxed at different rates established by the State Legislature.
 
Time Adjusted Sales
Sales prices collected in one time period factored to approximate sales prices in another time period for comparison or statistical purposes.
 
Time Value of Money
The principle that an amount of money anticipated as income in the future is always worth less than an equal amount in hand at the present time.
 
Title
The combination of all elements that constitute proof of ownership.
 
Townhouse
A single family, attached dwelling unit with common walls with common area facilities owned either as an undivided interest by the lot owners or by a homeowners’ organization. Resembles a condominium unit but is not created under A.R.S. Title 33.
 
Township
An approximately 36 square mile division of land employed in the Rectangular Land Survey System. Townships are bounded by two successive Range Lines on the east and west and two successive Township Lines on the north and south.
 
TR
Trustee.
 
TRS
Trustees.
 
Tract
A parcel of land; an area of real estate that is frequently subdivided into smaller parcels.
 
Trust Deed
A document similar to a mortgage which conveys title to a trustee for the benefit of some other person named in the document.
 
Trustee
A person who controls legal title to a property under a trust agreement.
 
Uniform Assessments
Equal assessment charged to all members of the homeowners’ organization for the operation and maintenance of the common area property.
 
Units of Comparison
A property as a whole, or some smaller measure of the size of the property used in the sales comparison approach to estimate a price per unit.
 
Use Classification
Categories into which real estate can be divided according to its use residential, commercial, industrial, agricultural, and special purpose.
 
Valuation
The process of estimating the market value, insurable value, investment value, or some other properly defined value of an identified interest or interests in a specific parcel or parcels of real estate as of a given date. Valuation is a term used interchangeably with appraisal.
 
Value
The terms "full value", "full cash value", "cash value", "actual value" and "fair market value" mean the price at which a property, if exposed for sale in the open market with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.
 
Value in Exchange
The amount an informed purchaser would offer in exchange for a property under given market conditions.
 
Value in Use
The value of property for a specific use.
 
Warranty Deed
A deed that conveys to the grantee title to the property free and clear of all encumbrances, except those specifically set forth in the document.
 
Year Built
The year in which a primary building on a parcel of property was constructed.
 
Year Constructed
The year in which the primary structure was completed.
 
Zoning
The public regulation of the character and extent of real estate use through police power; accomplished by establishing districts or areas with uniform restricts relating to improvements; structural height, area, and bulk; density of population; and other aspects of the use and development of private property.
 

Assessor's Office
31 N Pinal Street
Building E
Florence, AZ 85132

Office Hours
Monday to Friday
8:00AM to 5:00PM

Office: 520.866.6361
Fax:    520.866.6353