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Definition of 'Appraisal'

Appraisal: Professional estimate or opinion of the value of property, as of a stated date.

Definition of 'Mass Appraisal'

Mass Appraisal: A systematic appraisal of a universe of properties, as of a given date, derived through means that can be statistically tested.

Definition of 'Appraised Value'

Appraised Value: An appraiser's opinion of value which is based upon an interpretation of facts and judgments and processing those into an estimate of value.

Definition of 'Assessed Value'

Assessed Value: An appraiser's estimate of market value before deductions for applicable exemptions.