The Assessor's Lexicon

ABATEMENT - An official reduction of taxable assessed value, almost always as the result of an exemption.

ABSOLUTE VALUE - The value of a number independent of a plus or minus sign.  Always taken to be positive.  The absolute values of 5 and -5 are both simply 5.

ABSORPTION FIELD - See “Leach Field”

ABSTRACT OF TITLE - A summary of all conveyances, such as deeds or wills, and legal proceedings, giving the names of the parties, the description of the land and the agreements, arranged to show a continuity of ownership.

ABSTRACTION METHOD - The determination of site value by subtracting the replacement cost new less depreciation (RCNLD) of improvements on similar parcels from the known selling price of the parcel to establish land value.  A poor substitute for sales of comparable vacant sites but may be used when no such sales are available.

ABUT - To touch or border on, such as a property sharing a common boundary with another property or a highway.

ACCESS RIGHT - The right of ingress and egress to or from a property.  May be implied or legally expressed.

ACCRUED DEPRECIATION - The actual depreciation from all causes evident in a property as of a given date.  2. The difference between replacement cost new (RCN) and replacement cost new less depreciation (RCNLD).

ACOUSTICAL MATERIAL - A ceiling or wall material having the property of sound absorption.

ACRE - A common measure of land area equal to 43,560 square feet.  There are 640 acres in a square mile.

AD VALOREM TAX - A tax based on the value of real or personal property as distinct from income, sales or excise taxes.  Personal property is not taxable in New York State.

ADDITION - An improvement, such as another bedroom, added to a building already in place.

ADJUSTED BASIS - The original cost of a property minus depreciation, and sales of portions thereof, plus allowable additions such as capital improvements and certain carrying costs and assessments.  A bookkeeping rather than an appraisal term.

ADJUSTED INTERNAL RATE OF RETURN - A concept where the reinvestment rates for both positive and they have adjusted negative cash flows.  The concept applies a safe rate to all negative cash flows, discounting them to time period zero and adding them to the initial investment.  It applies a market rate to all positive cash flows and carries them forward to the end of the investment holding period.  The adjusted internal rate of return thus becomes a function of the original investment, the terminal value, and the time period separating these two amounts.

ADJUSTED SALES PRICE - The selling price of a comparable property adjusted to reflect differences in inventory, location and time as compared to the subject.

ADJUSTMENTS - Changes to the selling price of a comparable property required to estimate the market value of the subject property.  May be in dollars, percentages or cumulative (compounded) percentages.

ADMINISTRATOR'S DEED - A deed given by an individual who has been legally appointed to represent the estate of a deceased person who did not appoint an executor.

ADVERSE POSSESSION - A method of acquiring title to real property owned by another by the actual, exclusive, open, notorious hostile and continuous possession of said property.  Colloquially, “Squatter's Rights.”

ADVISORY EQUALIZATION RATE - The previous year's final equalization rate multiplied by the change of-level factor of the current year roll.  This rate is used by most counties to apportion the county tax levy.

AERIAL PHOTOGRAPHY - The process of taking photographs of the earth's surface from aircraft using special cameras to ensure accuracy in the preparation of tax maps.

AESTHETIC VALUE - The enhancement of the worth of a property due to the pleasure derived from the beauty of the improvements and/or their surroundings such as an exceptional view.

AFTER-TAX YIELD RATE - The annual profit remaining after income taxes have been paid, divided by the original equity investment.

AGE, ACTUAL - The number years since a structure was built.  Also known as chronological age.

AGE, EFFECTIVE - See “Effective Age.”

AGE-LIFE METHOD - A process for estimating incurable physical deterioration as a percentage of the current RCN of the improvements.

AGENTS IN PRODUCTION - The elements which contribute to the productivity of an enterprise and which must be compensated accordingly.  They are labor (wages), coordination (management), capital (improvements) and land.

AGGREGATE ASSESSMENT-SALES RATIO - The total of the assessed values divided by the total of the selling prices.  Also known as the weighted mean.  Used in determining the price related differential.

AGRICULTURAL DISTRICT - An area established under New York State law to preserve and promote agriculture.  The availability of preferential property tax treatment is one characteristic of an agricultural district.

AGRICULTURAL USE VALUE - An estimate of the worth of agricultural property based on an income approach using the productivity of the land as a measure of income.

AIR RIGHTS - The right to use the airspace above a property with or without ownership of the surface of the property.

ALLEY INFLUENCE - The effect on the value of abutting property caused by the presence of a short, narrow side or back street.  Primarily of interest with respect to commercial property.

ALLOCATION - The use of a ratio based on experience with comparable properties to distribute the appraised value of a property between the land and the improvements.  A procedure that has limitations.

ALLOWANCE FOR VACANCY & CREDIT LOSS - A reduction of potential gross income to reflect the fact that some or all of a buildings rentable area property will be vacant from time to time and/or some tenants may not pay their rent.

ALPHANUMERIC - Used in data processing to describe a field (data area) which may contain either numeric, alphabetic or special characters.  A field which may not be used mathematically.

AMENITY - In appraising, the intangible benefits of ownership such as satisfaction of possession and use arising from architectural excellence, scenic beauty and desirable social environment.

AMORTIZATION - The process of retiring debt or recovering capital investment through a schedule of systematic repayments of principal.

AMORTIZATION RATE - The ratio of periodic amortization payments to the total principal to be amortized; corresponds to a sinking fund rate.

ANCHOR TENANTS - The larger, more reliable tenants in a shopping center; usually branch stores of nationally-known retail chains.  The term may also be used (less frequently) in connection with office buildings or industrial parks.

ANIMAL UNIT - A mature steer or dairy cow weighing 1,000 pounds or more or some combination of smaller, immature animals.  Used to estimate grazing and other feed requirements.
 

ANNUAL CONSTANT - Total annual debt service per dollar borrowed for a direct reduction level payment loan, usually expressed as a percentage.  See also “Mortgage Constant.”

ANNUAL PERCENTAGE RATE (APR) - The interest costs to a borrower expressed as an annual percentage of the loan.  Required to be shown on certain instruments by “truth in lending” legislation.

ANNUITY - Periodic income; the return of a capital investment in equal periodic payments comprising both interest and a partial return of the capital itself.

ANNUITY CAPITALIZATION - Capitalization that is based an commonly used tables for the valuation of annuities.

ANNUITY METHOD - An appraisal process whereby present value is determined by discounting future anticipated net operating income before depreciation.

ANTICIPATED USE METHOD - See “Development Method.”

ANTICIPATION, PRINCIPLE OF - The premise that present value is determined by the worth of future benefits.

APPORTION - To divide or distribute according to some plan.  In assessment, to distribute the value of a parcel which has been split among the various parcels resulting from the split.

APPRAISAL - An estimate or opinion of value, usually in writing.  The act or process of estimating value as of a certain date.

APPRAISAL METHODS - The three accepted methods of valuing real estate are: 1. The sales comparison or market approach which uses adjusted sales of comparable properties.  2. The income approach which capitalizes net operating income to produce an estimate of value.  3. The summation or cost approach which uses the cost of construction new, less accrued depreciation, plus land value.

APPRAISAL PROCESS - A systematic examination of the factors which influence the value or utility of real estate.  A process by which the problem may be defined, the relevant facts assembled and a supportable conclusion of value produced.

APPRAISAL REPORT - A written document setting forth the appraiser's opinion of value and the steps, including data and methodology, which enable the appraiser to arrive at that opinion.  It should include at minimum: summary of salient facts and conclusions, identity of the subject property, property rights appraised, purpose of the appraisal, function of the appraisal, tax and assessment data, area (city or town) analysis, neighborhood analysis, site analysis, improvement analysis, highest and best use analysis, application of the cost approach, application of the income approach, application of the sales comparison approach, correlation and estimate of final value, addenda.

APPRAISED VALUE - The final opinion of an appraiser as to the worth of a property as of the effective date of the appraisal.

APPRECIATION - Monetary gain resulting from the increase in the market value of an investment excluding additions of capital.  For example, a house which is sold five years after it was purchased for five times more than the purchase price.

APPROVED ASSESSING UNIT - A city or town which has been certified by the State Board of Real Property Services to have completed a revaluation or an update in conformance with its rules and regulations.

AREA - The amount of the surface of a room, floor, building, site, parcel, etc., measured in units such as square feet, square meters, acres or square miles.

ARM'S LENGTH - Refers to a real estate transaction in the open market freely arrived at by normal negotiations without undue pressure on either the buyer or the seller.

ARRAY - An arrangement of data in some logical order such as names in an alphabetical cross-reference or parcels in section-block-lot order on an assessment roll.

ASBESTOS - A fire and heat resistant mineral used for insulation and exterior roof and wall coverings.  Thought to be a carcinogen if the fibers are inhaled.

ASPECT - The direction in which a building faces such as a house with a southern exposure.  In forestry, the compass direction toward which a slope faces.

ASSEMBLAGE - The combining of parcels, usually contiguous, for some specific purpose.  See also “Plottage.”

ASSESS - To value real estate for purposes of taxation.  Also, the act of determining compensation in a condemnation proceeding.

ASSESSED VALUE - A figure in dollars determined by an assessor which reflects a property's worth in relation to other properties on an assessment roll and which, unless exempt, is used to compute a tax dollar obligation by multiplying it by a tax rate.

ASSESSING UNIT - A city, county, town or village with the authority to value real property for purposes of taxation.

ASSESSMENT BIAS - A situation in which one class or type of property will prove to be assessed at a different percentage of market value than other classes or types.  Usually the result of different rates of appreciation for different types or classes.  Cured by revaluation.

ASSESSMENT PROCESS - The discovery, listing and valuation of real property for the purpose of taxation.

ASSESSMENT-SALES RATIO - The relationship, expressed as a percentage, of the assessed value of a property or a group of properties to their market value.

ASSESSMENT ROLL - A document listing, usually in alphabetic or tax map number sequence within roll section, all of the parcels within an assessment jurisdiction together with their land and total values, the names and addresses of owners, exemption data, property types and other pertinent information.

ASSESSOR - An elected or appointed official of a county, city, town or village whose function is to value real property (and personal property in some states) for purposes of taxation.

ASSESSOR'S REPORT - A multi-part report required to be submitted annually to the Office of Real Property Services (ORPS).  The assessor must list year-to-year changes in the total assessment of locally assessed properties.  The report also contains other information of general interest, particularly about exemptions.  Formerly known as the “Assessor's Annual Report (AAR).”

ASSUMED MORTGAGE - An existing loan for which a new owner agrees to assume responsibility when purchasing a property.

ATTIC - The space above the ceiling joists and below the roof rafters.  May be used for storage only or may be converted to living area by adding dormers and knee walls.

AVERAGE - See “Mean.”

AVERAGE ABSOLUTE DEVIATION - The result of summing the absolute deviations of a series of observations about the mean or median and dividing the result by the total number of observations.
 

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BACKUP FILE - In data processing, a collection of records that is duplicated to act as a replacement in the event the originals are lost due to operator error or hardware problems.  Backup files are usually maintained on tape, diskettes, compact disc (CD) or digital video disc (DVD) and, if they represent critical historical records, should be stored in a location different from that of the computer where the originals reside.

BALANCE, PRINCIPLE OF - When applied to an individual property, this premise states that maximum value is achieved when the four agents in production - labor, management, capital and land - attain equilibrium.  In the case of a neighborhood, maximum value is achieved when the complementary uses of land attain equilibrium.

BALLOON MORTGAGE - A loan in which a portion is not amortized during the life of the loan but payable as a lump sum (balloon) at the end of the term.

BAND OF INVESTMENT - A method for determining the discount rate in the income approach. Uses a weighted average of the return to cover mortgage interest plus a competitive return required for equity.

BASAL AREA - In forestry, the breast height area of a single tree or the average in a stand of trees expressed in square feet.

BASE MANUSCRIPT - In tax mapping, large color-coded drawings to scale showing all pertinent and usable data which can be seen in aerial photography.  Prepared from the photographs using stereo plotting equipment.

BASE (BASIC) RATE - That portion of the overall capitalization rate which covers all of the income requirements except those for depreciation or appreciation.

BASE RENT - The minimum rental stipulated under a percentage lease.

BASE YEAR ROLL - The assessment roll of a municipality from which the samples for a market value survey have been selected.

BASEBOARD - A decorative molding used to cover the joint between a wall and the floor.

BASEMENT - A story below the first floor which is usually partially or completely below grade level.

BATCH PROCESSING - In data processing, the accumulation of file maintenance (change) transactions in a group to be applied to the master file in a single computer job.  Distinguished from real-time processing in which the changes are applied to the master as they are made.

BAY - A space between columns or piers or some similar division in a warehouse or industrial building.
 

BAY WINDOW - A window extending out from the wall of a structure so as to form an alcove inside the building.  It is on the first floor and usually has its own foundation.

BEAM - A horizontal framing member of wood, steel or concrete which carries loads to vertical structural members.

BEARING WALL - See “Load-Bearing Wall.”

BEARING - The horizontal direction of one point from another on the surface of the earth measured in degrees, minutes and seconds of arc through 360 degrees starting at due north and moving clockwise.

BENCHMARK - 1. A surveyor's permanent mark made on a stationary object of previously determined position and elevation and used as a fixed reference point in mapping and tidal observation.  2. In data processing, a set of data which will produce known results if the program against which it is run is functioning properly.

BERM - An elongated mound of earth, sometimes paved, used to control surface drainage or for screening.  Also, a horizontal ledge part way up a slope.

BI-LEVEL STYLE - A type of house in which part of the lower level is partially below grade and serves as both living area and basement.  The lower level may also contain a garage.  The main entrance is usually at a level between the two floors with interior stairs immediately inside the door going both up and down.  Also called a “Raised Ranch.”

BIASED SAMPLE - A sample which does not properly represent the characteristics of the entire population.  A sales sample used for a coefficient of dispersion (COD) might be biased if all neighborhoods in a town were not adequately represented.

BIMODAL DISTRIBUTION - A data set in which two values appear with equal frequency and a greater frequency than that of other values.  The set 1, 2, 2, 2, 3, 3, 4, 5, 6, 6, 6 exhibits the modes 2 and 6.  A description of central tendency.

BLANKET MORTGAGE - A loan which covers several properties such as the parcels in a subdivision until they are individually sold by the builder and released from the mortgage.

BLOCK - A designated area on a tax map preferably bounded by streets, highways, railroad tracks, waterways or other prominent features.  Smaller than a section but usually containing several individual lots.

BOARD AND BATTEN - A type of exterior siding in which wide boards are attached vertically to the side of a building and narrow battens (i.e., 1"x1" furring strips) are nailed over the joints in the boards.

BOARD OF ASSESSMENT REVIEW - A quasi-judicial panel consisting of three to five members appointed by a municipality to hear and make determinations on assessment grievances brought before it by property owners.

BOARD OF REAL PROPERTY SERVICE, STATE - A five-member body appointed by the Governor of the State of New York with the advice and consent of the Senate.  The primary responsibilities of the Board are the promulgation of municipal equalization rates and the improvement of assessment and property tax administration.

BOARD FOOT - A unit of measure equivalent to a piece of lumber one inch thick, one foot wide and one foot long containing 144 cubic inches.

BOOK VALUE - The capital cost of acquisition of a property less accrued depreciation (if any) plus additions of capital.  Basically a bookkeeping rather than appraisal term.

BORING TEST - A study of the load-bearing or other qualities of the subsurface soil and rock by the examination of core samples obtained by drilling into the ground.

BRICK VENEER - A layer of brick applied as facing to a wall composed of other materials; non-load-bearing as contrasted to a solid brick wall.

BRIDGING - Wood or metal strap bracing between floor joists to strengthen a structure.

BUFFER STRIP - A parcel of land which separates and screens land areas with different and perhaps incompatible uses.  For example, a strip of vacant, wooded land which separates a major highway from a residential area.

BUILDING CAPITALIZATION RATE - The ratio of income from the improvements on a property to the value of the improvements.  Used in residual capitalization techniques where the income attributable to the buildings and the income attributable to the land is separately computed.

BUILDING CLASSIFICATION - Standard specifications of construction for different typical buildings classified according to use, type of construction, exterior wall materials and quality factors involving materials and labor which affect replacement cost.  Not to be confused with grade of construction.

BUILDING CODE - Local or state ordinances which regulate building design, construction, alteration, repair, quality of materials and use and occupancy based on the needs of health, safety and the general welfare.

BUILDING PAPER - Tarred felt paper which is used to sheath walls and roofs to insulate against drafts and moisture.

BUILDING RESIDUAL TECHNIQUE - An income capitalization process whereby the land is valued separately from the improvements and a fair return for the land is subtracted from the total net operating income.  The remaining income, which is attributable to the improvements, is then capitalized to provide an indication of their value.

BUILDING SERVICE SYSTEMS - Systems which provide plumbing, sewerage, heating, ventilation, air conditioning, lighting, elevator transport, fire protection, etc.

BUILT-INS - Furniture or appliances which are more or less permanently attached to a house and thus take on the characteristics of real property.  Cabinets, counters and dishwashers are typical built-ins.

BUILT-UP METHOD - A process for determining the proper discount rate in an income approach by estimating the components which are the basic (non-risk) rate plus rates for risk, management and non-liquidity.

BUILT-UP ROOFING - Two or more layers of tarred paper bonded by asphalt or a roofing compound and often covered with small gravel.

BUNDLE OF RIGHTS THEORY - The premise that the ownership of real estate consists of the ownership of various rights associated with it.  These rights included the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.

BUTT LOG - The first log above the stump of a tree.

BYTE - In data processing, a measure of storage capacity.  For practical purposes it may be assumed that a byte is equivalent to one character (letter or number) of data.

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CAE (CERTIFIED ASSESSMENT EVALUATOR) - A professional designation awarded by the International Association of Assessing Officers.

CAMA - Acronym for Computer Assisted Mass Appraisal.  Typically used for the analysis and revaluation of a municipality.

CANTILEVER CONSTRUCTION - The use of structural members which extend beyond their points of support whose strength and rigidity allow them to bear significant loads.

CAP - Short form of “capitalization,” as in cap rate.

CAPE COD STYLE - A one and one-half story house to which dormers may be added to increase the second-story headroom (typically to one and three quarters story) and provides space for windows.

CAPITAL - Accumulated wealth all of that which is available for the production of income.

CAPITAL EXPENSE - The amount of money required annually to pay a return on and provide for return of the initial investment.

CAPITAL IMPROVEMENTS - Additions and betterments such as the purchase of additional land or the installation of a swimming pool.

CAPITAL - The total investment required to establish, operate and maintain an enterprise.  The investment in plant and equipment plus normal working capital needs.

CAPITALIZATION - The process of converting future anticipated monetary benefits into present worth or value.

CAPITALIZATION RATE - The percentage which is the sum of the discount rate, the effective tax rate and the recapture rate (for improved property only) representing the relationship between net operating income and present value.

CAPITALIZED VALUE - The value indicated by the annual net operating income generated by the property.  The present value of the right to collect future income derived by dividing net operating income by an appropriate capitalization rate.

CASH EQUIVALENT - The present worth of all cash and other considerations paid for the acquisition of real property.  May differ from contract price.

CASH FLOW - The actual cash that an investor receives after deducting operating expenses and debt service from gross income.  Depreciation is not deducted.  Also known as “Cash Throw-off.”

CASH FLOW RATE - See “Equity Dividend Rate.”

CEILING RAILROAD - A railroad company whose taxable assessed value is subject to an upper limit established by the Office of Real Property Services (ORPS).  Any assessed value in excess of this limit is exempt.

CELLAR - A storage space, usually below ground.  Not the same as a basement as there may be no building above it.

CENTRAL PROCESSING UNIT (CPU) - That part of a computer wherein the actual instructions of a stored program are executed as opposed to peripheral equipment such as printers, monitors and keyboards.

CENTRAL TENDENCY, MEASURES OF - Statistics such as the mean (average), median and mode which indicate a central value about which the observed data is grouped.

CERTIFICATE OF OCCUPANCY - A document issued to a property owner by a municipality certifying that a structure is in compliance with state and local building codes.  The certificate is not an indication that a property's current use is legal.

CERTIORARI - See “Writ of Certiorari.”

CHAIN - A unit of measurement used in surveying equal to 66 feet and composed of 100 links each measuring 7.92 inches.

CHAIN OF TITLE - See “Abstract of Title.”

CHANGE OF ASSESSMENT NOTICE - A notice required by New York State law to be sent by county, city and town assessors to property owners whose assessments have been increased.  In practice, many assessors send out notices of decreases also.

CHANGE-OF-LEVEL FACTOR - A multiplier computed by the Office of Real Property Services (ORPS) from equalization changes listed on the assessor's report.  It is used to adjust the prior year final equalization rate so that it can be used as the advisory rate for county tax apportionment.

CHANGE, PRINCIPAL OF - This premise holds that various economic, physical, social and governmental forces affect real property whose value must therefore always be viewed as transitional.

CHATTEL MORTGAGE - A loan on property other than a freehold or fee estate.  Therefore, a loan on personal property which has the legal name “chattels.”

CHECK DIGIT - Numbers or letters (two alphabetic characters in ARLM and RPS) which are mathematically computed from the file key (usually section, block and lot).  The file maintenance program checks to see that the check digit entered on a transaction matches the check digit calculated using the file key entered for the same transaction thus avoiding changes of data on the wrong parcel.

CISTERN - A rainwater storage reservoir, usually below ground.

CLAPBOARD - A siding for frame buildings using boards that are thicker at one edge than at the other.  The boards are attached horizontally with the thick edge of one board laid over the thin edge of the board below it.

CLASS OF CONSTRUCTION - The classification of structures according to the degree of fire resistance of the materials of which they are constructed.  A concrete and steel structure is obviously more fire-resistant than a frame house.

CLASS RATIO - The summed assessed values divided by the summed sales prices for a particular class of properties such as residential, commercial, industrial and utility.  The residential assessment ratio is a class ratio.

CLASSIFIED ASSESSMENTS - Assessments which are made at different percentages of market value for different property classes.  Where legal, commercial, industrial and utility property is often assessed at a higher percentage than is residential property.

CLASSIFIED TAX RATES - Rates which are set at different levels for different classes of property such as commercial, industrial, utility or residential.

CLUSTER DEVELOPMENT - The practice of grouping the buildings in a development into only a portion of the available land so that the balance may be left in its natural state or developed for recreational purposes.

COEFFICIENT - In multiple regression analysis, a constant which is used as a multiplier for different levels of a variable.  If the coefficient for finished basement area is $7.50 per square foot then value of $750 will be attributed to a house with a 100 square-foot finished room in the basement.

COEFFICIENT OF CORRELATION - A measure of the relationship between variables with respect to the effect of a change in the value of one variable on the value of the other.  Positively correlated variables tend to move in the same direction; thus, an increase in living area usually results in an increase in market value.  Negatively correlated variables move in opposite directions; the greater the area of a building the lower the cost per square foot to build it.  The coefficient is measured from - 1.0 (perfectly negative) though + 1.0 (perfectly positive).  The symbol for the coefficient of correlation is “r.”

COEFFICIENT OF DISPERSION - The average deviation of a group of observations (assessment ratios, for example) from the mean or, preferably, the median ratio expressed as a percentage of that mean or median.  A standard measure of assessment equity.

COEFFICIENT OF MULTIPLE DETERMINATION - In regression analysis, a measure of the degree to which changes in the independent variables explain changes in the dependent variable.  The square of the coefficient of correlation.  Measured from 0 to 1.0.  The symbol is mr2.  A coefficient of determination of .85 indicates that changes in the independent variables explain 85% of the changes in the dependent variable with the balance of 15% being unexplained variance.

COEFFICIENT OF VARIATION - The standard error of the estimate divided by the mean value of the dependent variable.  A measure of the likelihood of error in predictions of the value of the dependent variable.

COLONIAL STYLE - A traditional two-story design usually exhibiting a balanced floor plan and symmetrical exterior.

COLUMN - A vertical structural member of wood, steel or concrete designed to support horizontal beams and carry their loads to the foundation or footing.

COMMITTED AGRICULTURAL LAND - In New York State, land not in an agricultural district which is eligible for an agricultural exemption because its owner has made a formal commitment to use it for agricultural purposes for a specific period of time.

COMMON ELEMENTS - Those parts of a condominium development such as halls, stairways and recreational facilities which are jointly owned by the owners of the individual dwelling units.

COMMON WALL - A wall dividing two buildings on separate tax map parcels which is built along the dividing line of the properties.  Same as “Party Wall.”

COMPARABLE SALE - A property which has sold recently and is sufficiently similar to the subject of an appraisal so that its adjusted selling price may be taken as an indication of the market value of the subject.

COMPARATIVE SALES APPROACH - See “Market Data Approach.”

COMPARATIVE UNIT METHOD - A procedure for comparing parcels or structures of different size by use of units of measurement that can be applied to each.  For example, the value of a lot of 100 front feet which has sold recently may be used to estimate the value of a lot of 75 front feet by using a unit of dollars per front foot.

COMPETITION, PRINCIPLE OF - The premise that profit tends to produce competition but that excess profit tends to create excess competition to the eventual detriment of all of the competitors.

COMPOSITE RATE - The blended or weighted average of all of the rates of return applicable to a single investment.

COMPOSITION SIDING - Any one of various manufactured exterior wall coverings such as asphalt or asbestos shingles.

COMPOUND INTEREST - The addition to principal at regular intervals of interest received on an investment and the subsequent application of the interest rate to that addition.  $100 compounded annually at 5% equals $105 at the end of the first year (100 x 1.05) and $110.25 at the end of the second year (105 x 1.05).

COMPUTER - An electronic device capable of operating on instructions from a stored program to solve a problem or manipulate data.

COMPUTER ASSISTED MASS APPRAISAL (CAMA) - The use of data processing to appraise large numbers of parcels within a relatively short period of time, usually for assessment purposes.  Multiple regression analysis (MRA) is a common valuation method, but traditional cost tables may also be used.

COMPUTER PROGRAM - A series of stored instructions which enable a computer to perform some complex task without the continuous and direct intervention of the operator.  Programs are written in various specialized languages such as BASIC, COBOL and FORTRAN.

CONDEMNATION - The act whereby governments, government agencies and public utilities having the power of eminent domain may seize private property for public use and benefit upon payment of just compensation.  The consent of the property owner is not required.

CONDOMINIUM - A form of fee simple ownership of part of a structure having multiple units.  Owners have title to their own units plus a share of the common elements.

CONFORMITY, PRINCIPLE OF - This premise holds that value is maximized when there is a reasonable degree of social and economic homogeneity in a neighborhood and the improvements located therein are generally similar although certainly not exact replicas.

CONSIDERATION - The price in money or other commodities which satisfies a contract.  In appraisal, usually the actual selling price.

CONSISTENT USE THEORY - The premise that property in transition from one use to another cannot be valued by applying one use to the land and another to the improvements.

CONSTANT - A number used in mathematical calculations that does not vary in value.  Pi, which is always equal to 3.1416 (rounded), is always used to find the circumference and area of a circle no matter what the size of the circle.

CONSTRUCTIVE CONDEMNATION - A governmental action which results in a substantial loss to a property owner even though the property itself is not taken.  For example, a change in the zoning of a vacant parcel from highway commercial to protected wetlands would be likely to result in a sharp reduction in the market value of the parcel.  In a case such as this, a court, upon petition by the owner, may order that the parcel be condemned and just compensation paid.  Also known as inverse condemnation.

CONTEMPORARY STYLE - A type of modern architecture characterized by open multi-level interior planning, large window areas, simple (not ornate) details, and various - sometimes mixed - roof styles.  Exterior walls are often of stained rather than painted wood.

CONTIGUOUS - Touching, or sharing boundaries.  Lots that lie next to each other and have part of their boundaries in common are said to be contiguous.

CONTINGENT FEES - Payments based on the results of the services performed.  A fee for a certiorari appraisal based on the amount of tax reduction achieved would be a contingent fee.  This type of compensation is generally considered unethical in the appraisal profession.

CONTOUR MAP - A map using lines connecting points of equal elevation to display the topography (hills, valleys, etc.) of the areas covered by the map.  Also known as a “Topographical Map.”

CONTRACT RENT - The actual payments required by a lease agreement.  May differ from economic rent.

CONTRIBUTION, PRINCIPLE OF - A premise which holds that the value of a factor in production or of a component part of a property depends on its contribution to the value of the property as a whole.

CONTRIBUTORY VALUE OF IMPROVEMENTS - The amount that improvements add to the market value of a property.  That amount may be higher or lower than the cost of the improvements.  It represents the market's view of the increase or decrease in the property's desirability attributable to their presence or absence.

CONVERSION PERIOD - The time interval used in the calculation of compound interest: daily, monthly, annually, etc.

CONVEYANCE - A written instrument which transfers interest and rights in real property from one party to another.

COOPERATIVE APARTMENT - A dwelling unit owned by a corporation in which an owner owns stock commensurate with the value of his or her apartment compared to the value of the building as a whole.  The stockholder has a proprietary lease to the apartment.

COORDINATE LOCATOR NUMBER - An easting and northing reading in feet from the point of origin of the appropriate zone of the New York Coordinate System to the visual center of a parcel.

CORD - A cubic measure of the quantity of cut wood.  Equal to a stack 8 feet long by 4 feet high by 4 feet wide containing 128 cubic feet.

CORNER INFLUENCE - The effect of location at or near a street corner on the value of a parcel.  The effect on market value is generally positive for a commercial establishment such as a store but may be a detriment to a home because of loss of backyard privacy.

CORRECTIONS OF ERRORS LAW - Sections 550 to 559 of the Real Property Tax Law (RPTL) set forth the circumstances and conditions under which assessment and tax rolls may be corrected and taxes refunded or additional taxes levied.

CORRELATION - The property of two variables to be related such that knowledge about one of them provides at least some information about the other.  Knowing the size of a vacant lot will help to predict its selling price although not precisely because there are other factors which also influence the price.  See also “Coefficient of Correlation.”

COST APPROACH - A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market.  This method works best when the improvements are relatively new and estimates of depreciation are thus more likely to be accurate.  Also best used in the absence of comparable sales.

COST EFFECTIVENESS - A judgment as to whether or not the cost to undertake a course of action is justified by the results in terms of income received or value added.

COST INDEX - A multiplier used in building cost manuals to bring the information in the tables up to a current date to reflect changes in the cost of labor, materials, etc.

COST MANUAL - A book wherein are listed in tabular form the costs of construction of various types of structures at different grades of construction quality.  Major building components are generally priced in dollars per square foot, while add-ons such as yard improvements may be priced using the unit in place method.

COST OF DEVELOPMENT METHOD - See “Development Method.”

CONTERMINOUS - Having the same boundaries.  Cities and their school districts are usually conterminous while a suburban or rural school district may be in parts of several towns and there may be several school districts in one town.

COST TO CURE - The amount of capital required to mitigate physical or functional depreciation.  The end result of a careful study of all defects necessary to determine whether the defined obsolescence is curable or incurable.

COUNTY-OWNED REFORESTED LAND - Land which has been acquired by a county and will be forever devoted to the purpose of reforestation.  Such land is exempt from county taxes but taxable for all other purposes.

COVENANT - A written agreement, often part of a deed, whereby one of the parties promises to perform certain acts or to refrain from performing them.  See also “Restrictive Covenant.”

CRAWL SPACE - An accessible but unfinished enclosed area below the first story of a building, of less than full-story height (typically five feet in height or less).

CROP ROTATION - The process of annually alternating different field crops such as corn or wheat with legumes to maintain and/or improve the fertility of the soil.

CRUISE, TIMBER - A survey of land to locate standing timber and estimate its type, quantity and quality.

CUL DE SAC - A street open at one end only, usually with a turn-around circle at the closed end.

CURABLE DEPRECIATION - Items of physical deterioration and functional obsolescence which are economically feasible to cure and which a prudent property owner would be likely to repair or replace.  It is anticipated that the cost to cure would exceed the potential increase in market value.  See “Incurable Depreciation”

CURTAIN WALL - A non-load-bearing outside wall which encloses but does not support the structural frame of a building.

CUT-OVER LAND - An area where logging operations have removed all or nearly all of the original virgin forest.

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DATA - Information in the form of numbers, letters or symbols which can be stored, processed, produced and interpreted, usually by a computer.  A computer program manipulates data (the taxable value of a property and the tax rate) to produce additional data (the amount of tax owed).

DATA COLLECTION - The process of noting and recording, usually by field inspection, the information required to value real property.  A data collector might measure a house and note the number of rooms and bathrooms and the presence of decks, fireplaces, central air conditioning, etc.

DATA MAILER - A document requesting a property owner to supply inventory/valuation information relating to his property or to confirm the accuracy of data already on file.

DATA PROCESSING - The use of a computer to manipulate information to produce some desired result such as a list of parcels sorted by owner name, tax bills or an estimate of value using regression analysis.

DATA BASE - A collection of related information such as the inventory of all parcels in a town, usually in a computer file.

DATE OF APPRAISAL - The day as of which the value estimate applies.  Usually a current date but can be in the past (an appraisal as of date-of-death for estate purposes) or the future (a proposed shopping center).  See “Valuation Date.”

DEAD LOAD - The permanent weight of the structure including fixed equipment such as boilers and air conditioning machinery.  Live load items such as people, furniture or merchandise are not included.

DEBT COVERAGE - The ability of the property to meet the costs of debt service out of net operating income.

DEBT COVERAGE RATIO - The relationship between net operating income and annual debt service.  A measure of the security behind the mortgage loan.  The higher the ratio the more secure the loan.

DEBT SERVICE - The periodic payments of interest and principal required by a mortgage agreement.

DECLINING ANNUITY METHOD - A valuation technique based on the presumption that future income will decline progressively and systematically.  The present worth of this predicted income stream is calculated.

DECLINING BALANCE DEPRECIATION - A method of depreciation whereby a fixed percentage is applied to the balances remaining after previous depreciation has been deducted.  Applying 52 depreciation to an improvement with an RCN of $100,000, first year depreciation would be $5,000 (52 of $100,000), second year depreciation would be $4,750 (52 of $95,000) and third year depreciation would be $4,512.50 (52 of $90,250).

DEDICATED - Donated to a municipality for public use by the fee owner.  A developer will usually dedicate the streets in a subdivision when the project has been completed.

DEED - A legal written instrument used to convey title to or an interest in real property.

DEED DESCRIPTION - A listing in a deed of the legal boundaries of a parcel.  Sometimes includes a description of the various courses and distances of the boundaries and sometimes only a reference to a filed map or a prior deed.

DEED OF TRUST - A legal written instrument conveying or transferring real property to a trustee.

DEFAULT - In data processing, information supplied by the system unless overridden by the user.  For example, a word processing program might automatically apply a 10-character left margin to a document (the “default setting”) unless the user specifies some other margin.

DEFERRED MAINTENANCE - Repairs and rehabilitation required to put a property in good condition.  Might include painting, repair of cracks in a blacktop driveway, repainting of brickwork, etc.  Almost always present to some degree in any structure.

DEFICIENCY - A structural inadequacy.  Lack of some component which should be present or materials or workmanship inferior to what might normally be expected.

DENSITY ZONING - A land use limitation on development setting a maximum number of dwelling units per acre or some similar standard.

DEPENDENT VARIABLE - The data being sought vs. the independent variables for which data are already available.  In multiple regression analysis the dependent variable is usually market value while independent variables such as acres, square feet of living area, number of bedrooms and overall condition are used to predict market value.

DEPLETION - A reduction in the value of an asset by the removal of non-replaceable resources (called wasting assets) such as petroleum, ores or other minerals.  As the supply of coal in a mine becomes exhausted, the value of the real property declines.

DEPLETION RATE - The percentage of a wasting asset such as coal, ores or oil which is removed annually.

DEPRECIATED COST - Cost new less accrued loss of utility and value (depreciation).

DEPRECIATION - A loss of utility and value caused by physical deterioration, functional obsolescence or economic obsolescence or any combination thereof.

DEPRECIATION ALLOWANCE - The amount of loss of utility and value accrued against the eventual replacement of an asset.  A bookkeeping rather than appraisal term.

DEPRECIATION METHODS - The processes used to measure loss of value due to depreciation.  May be based on observation or some formula such as straight-line or declining balance.

DEPRECIATION RATE - The periodic amount or percentage by which the value of a property is reduced.

DEPTH FACTOR - A percentage which expresses the value of a lot of given depth relative to-that of a lot having an adopted standard (100%) depth.

DEPTH TABLE - A chart listing the depth factors per front foot for lots of varying depths as compared to the front foot value of a lot of standard depth.

DESCRIPTIVE STATISTICS - The measures of central tendency and dispersion used to characterize a particular set of data.  For example, the coefficient of dispersion of a town assessment roll.  See “Inferential Statistics.”

DETERIORATION - Impairment of condition caused by wear and tear; the physical disintegration of a structure.

DEVELOPMENT METHOD - A process of valuing vacant land (usually raw and un-subdivided) by determining what the land would be worth as subdivided building lots with roads and utilities and then subtracting the direct costs of development plus developer's profits.  Also known as the anticipated use method.

DEVELOPMENT RIGHTS - The authority of a property owner to subdivide, build on and otherwise improve the property.  Efforts to control growth sometimes involve the purchase of these rights by a municipality and the property is then assessed based only on its present use.

DEVIATION - In statistics, the difference between a single observation in a sample and the mean or median of the sample.  If the median assessment ratio in a sales file is 2O and the assessment ratio of an individual parcel is 22, the deviation is 2.

DIAMETER BREAST HIGH (DBH) - The width of a tree at 4 ½ feet above ground level.

DIGITIZER - A precision electronic instrument which can measure the position of a point on a map or drawing using coordinate locators related to the X and Y axis.

DIMINISHED UTILITY - Loss of usefulness, and thus value, due to depreciation.  Also referred to as accrued depreciation.

DIRECT CAPITALIZATION - The conversion of anticipated annual net operating income into present value by dividing the income by a capitalization rate appropriate to the relationships between income and value currently existing in the marketplace.

DIRECT COSTS - Funds used specifically for the construction of an improvement such as expenses for materials, labor, supervision, equipment and utilities.

DIRECT REDUCTION LOAN - A loan that is normally repaid in periodic installments of a constant amount which include both principal and interest.

DISCOUNT - Money paid at the beginning of a period of time for the use of capital during that period; usually deducted from principal at the time the funds are loaned.  The reduction of future payments to present worth.

DISCOUNT RATE - 1. In appraisal the return, expressed as a percent, on investment in the physical components of land and buildings.  Also, the percent of return on the legal components of leased fee and leasehold interests.  Sometimes called the risk rate.  2. The annual percentage that reflects the competitive rate of return on an investment as distinguished from the interest rate on borrowed funds.  3. The percent charged by the Federal Reserve on member bank borrowings.

DISCOUNTED CASH FLOW - The present worth of future cash payments from an equity investment.

DISCOUNTED CASH FLOW METHODS - Means of isolating differences in the timing of future cash flows by discounting them to their present values.  The two methods are the internal-rate-of-return method and the net-present-value method.

DISCOUNTED RATE OF RETURN - See “Internal Rate of Return.”

DISPERSION, MEASURES OF - Statistical formulas such as the standard deviation, variance or coefficient of dispersion which measure the degree of scatter of a data set around a measure of central tendency such as the median or mean.

DIVIDEND - A monetary distribution to stockholders.  In appraisal, the term is synonymous with “Net Operating Income.”

DOCUMENTATION - The collected and organized printed materials which serve to explain the operations of a computer program.

DORMER - A house-like structure projecting from a sloping roof into which a window is set.  A “dog house” dormer may be only a few feet wide while a “shed” dormer may run almost the length of the house.

DRY ROT - A fungus decay of old wood.

DRY WALL - Any type of interior wall construction such as wood paneling, gypsum board, etc.  which does not use plaster as the finishing material.

DRY WELL - A drainage pit lined with stones to allow sanitary wastes such as rain runoff from a roof to percolate or leach into the surrounding soil.

DUPLEX - A house containing two separate dwelling units usually side by side.

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E I E I O - Professional Designation for experts in Farm Valuation

EASEMENT - An interest held by one person in land owned by another person.  A privilege or right of use or enjoyment such as a right-of-way for utility lines, a joint driveway, etc.

ECOLOGY - The pattern of relationships between living organisms and their environment.

ECONOMIC BASE ANALYSIS - A means of reviewing the relationship between basic and non-basic employment which allows for prediction of population, income and other variables affecting real property values.

ECONOMIC FEASIBILITY - The likelihood of a project (or income property) to produce a reasonable return on and recapture of the capital investment.  In the case of non-revenue property, the need for and the desirability of the property for the purpose for which it is designed.

ECONOMIC LIFE - The length of time during which improvements can reasonably be expected to be profitably utilized and contribute to the value of a property.  Not exactly the same as “useful life.”

ECONOMIC OBSOLESCENCE - A loss in value caused by influences external to the property such as increasing industrial activity near a residential neighborhood.

ECONOMIC RENT - The income from a tenant that could normally be expected from a property available for rent under prevailing market conditions.  Also known as market rent.  Not to be confused with contract rent which is actual rent payable under the terms of a lease and may be more or less than economic rent.

EDIT - In data processing, a procedure designed to detect and list data in computer files which is or may be incorrect.  For example, a ZIP code with only four digits which is incorrect or, in an assessment inventory file, a house built before 1750 which is probably but not necessarily incorrect.

EFFECTIVE AGE - The age of an improvement as indicated by its condition.  A building that has been well maintained may have an effective age less than its actual (chronological) age.  The reverse may be true if a building has been neglected.

EFFECTIVE GROSS INCOME (EGI) - The estimated potential income of a property from all sources less allowances for vacancy and credit loss.

EFFECTIVE TAX RATE (ETR) - The nominal (actual) tax rate multiplied by the level of assessment.  If the level of assessment is 30 (.30) and the nominal tax rate is $80 per $1,000, the effective tax rate is $24 per $1,000 or 2.4%.  See also “Equalized Tax Rate.”

ELEVATION - 1. The height of land, at a given point, above sea level.  2. The projection of an object in a vertical plane.  A front, side or rear view of a house as distinct from a floor plan which is a horizontal projection.

ELLWOOD METHOD - A procedure for mortgage-equity capitalization.

EMINENT DOMAIN - The right of a sovereign government to acquire private property for
public or quasi-public purposes without the consent of the owner but with payment of reasonable compensation.  See “Condemnation.”

EMPIRICAL - Describes an opinion, conclusion or data based solely on practical experience, experimentation or observation rather than derived by scientific principals and methods.

ENCROACHMENT - 1. A form of trespass in which an improvement or part of an improvement in constructed on the property of another.  2. The displacement of one existing use by another such as the establishment of commercial enterprises in a residential area.

ENCUMBRANCE - An interest in or claim upon real property which diminishes the value of the fee but does not prevent conveyance thereof.  Mortgages and taxes are forms of encumbrances known as a liens, while deed restrictions and easements are non-lien encumbrances.

ENGINEERING BREAKDOWN METHOD - A process for estimating accrued depreciation by totaling estimates made for the individual components of the improvement such as the roof, foundation walls and electric wiring.

ENTREPRENEUR - One who assumes the risk and management of a business or enterprise in the expectation of profit rather than for a wage or salary.

EQUALIZATION - The process of bringing the assessed value of jurisdictions assessing at different levels to a common level, usually fair market value as of a given date.

EQUALIZATION CHANGE - A change in assessed value reported on the assessor's report that is not caused by a physical or quantity change or a change in exempt status.  Effectively, it represents a change in the assessor's opinion of value of the parcel.

EQUALIZATION RATE - A weighted average ratio of the total assessed value in a municipality divided by the total market value.  An equalization rate of 20% indicates that assessments were at an average of one-fifth of market value when the equalization rate survey was made.

EQUALIZATION SURVEY - The process by which equalization rates are established.  In New York State surveys are usually conducted every three years using appraisals of a stratified random sample of all types of taxable real property in an assessing unit.

EQUALIZED FULL VALUE - The result of dividing assessed value by the equalization rate.  If a municipality has a total taxable assessed value of $50 million and an equalization rate of 25%, the equalized full value is $200 million.

EQUALIZED TAX RATE - The nominal (actual) tax rate multiplied by the equalization rate.  If the equalization rate is 30% and the nominal tax rate is $80 per $1,000, the equalized tax rate is $24 per $1,000 or 2.42.  See also “Effective Tax Rate.”

EQUITY - The interest or value which an owner has in real estate over and above any indebtedness such as mortgages.  Also, fairness.  The assessor is responsible for the equitable or fair distribution of the property tax burden.

EQUITY-BUILDUP - The repayment of principal in the amortization of a loan which decreases outstanding indebtedness and thus increases the owner's equity.  Interest payments do not increase equity.

EQUITY CONSTANT - See “Equity Dividend Rate.”

EQUITY DIVIDEND - Net operating income remaining after the payment of debt service.  Cash flow to the capital investor.

EQUITY DIVIDEND RATE - The ratio of the annual dividend on capital to the capital investment.  Sometimes called “Cash on Cash.”

EQUITY PARTICIPATION - The right of a lender to share in whatever the capital investors receive.  May be a percentage of annual equity income or of the reversion.  Used to attract lenders in times when the availability of mortgage money is limited.

EQUITY RATIO - That part of the investment which is not encumbered by debt.  The down payment.

EQUITY YIELD - The dollar return on equity from all sources.

EQUITY YIELD RATE - The annualized rate of return on invested capital including both the average annual dividend and any gain or loss from the reversion at the termination of the investment.

ESCHEAT - The reversion of property to the state when there is no one legally able to inherit it.  Usually occurs when a property owner dies without a will and without heirs.

ESCROW - The money or property of one party which has been consigned to an intermediary to be delivered to another party at some appropriate time.  A bank will receive mortgage payments from a property owner which include a provision for property taxes and will pay the taxes to the taxing jurisdictions when the bills are received.  The escrow is the money or other property itself.

ESTATE - The interest or the nature of the interest which one has in real property such as fee ownership, life tenancy, or an interest established by a lease.

EXCESS (SURPLUS) LAND - The area and/or frontage of a parcel greater than the normal standard for a site in a particular neighborhood or market.

EXCESS FRONTAGE TABLE - A chart which reflects the decrease in value per front foot for a parcel (usually residential) having greater than the normal standard frontage.

EXCESS INCOME - That part of actual rental income which is greater than the fair market rental at a specific time.  May be due to a fortuitous lease, a noncompetitive market or a lease made prior to a decline in market rental rates or other factors.

EXCESS RENT - The amount by which contract rent is greater than fair market rent.

EXCESS VALUE - The amount by which the value of a lease is greater than the normally expected value because contract rent is greater than fair market rent.

EXEMPT ASSESSED VALUE - That portion of a parcel's (or an entire roll's) total assessed value which is exempt from taxation.

EXEMPTION - A form of relief from taxation where all or part of the assessed value is free from payment of some or all tax levies.  Typically granted to individuals as a matter of public policy (elderly and veterans exemptions), property owned by the federal, state or municipal governments or their agencies, and organizations such as private schools organized for a specific exempt purpose with the added requirement that the parcel must be used to achieve that purpose.

EXEMPTION CODE - A five digit number assigned by the Office of Real Property Services (ORPS) to every exemption granted by statute in New York State.  The significance of the first digit of each code is as follows: 1. Publicly owned, wholly exempt.  2. Privately owned, wholly exempt.  3. Publicly owned, partially exempt.  4. Privately owned, partially exempt.  The second, third and fourth digits identify and group exemptions and the last digit specifies the taxing purposes to which the exemption applies (county, town or city, school, village) or some combination thereof or all.

EXPENSE RATIO - The total allowable expenses divided by the effective gross income.  That fraction of effective gross income consumed by the cost of doing business.

EXPERT WITNESS - Individuals whose recognized knowledge of some art, business, profession or science qualifies them to testify on a subject as experts thereon.  An appraiser with a recognized national designation might be an expert witness in a certiorari proceeding.

EXTRAPOLATE - To calculate or estimate a quantity beyond the range of the data upon which the calculation or estimate is based.  For example, to estimate the cost to build a 6,000 sq. ft. house from tables giving the cost to build houses of 1,000 to 5,000 sq. ft.  See also “Interpolate.”

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FACADE - The principal exterior face of a building, usually the front.

FACE BRICK - A hard burned brick of selected color, size and texture used for the exterior finished wall of a building.

FACTOR - A multiplier or coefficient such as the Inwood factor.  Numbers which can be divided into another number with an integer (whole number) result.  The factors of 6, for example, are 2 and 3.

FACTORED HISTORICAL COST - An original construction cost which has been up-dated to a current cost by use of a multiplier.  The multiplier is determined by age, location, construction quality, etc.  Useful for rough estimates only.

FAIR MARKET VALUE - The most probable price, expressed in terms of money, that a property would bring if exposed for sale in the open market in an arm's-length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which it is adapted and for which it is capable of being used.  [From “Property Assessment Valuation” published by the International Association of Assessing Officers.]  Synonymous with “Market Value.”

FANNIE MAE (FNMA) - The Federal National Mortgage Association.  A privately-owned corporation which purchases conventional first mortgages at discounts.

FARM - A tract of rural land operated as an agricultural unit.  Its primary function is the production of agricultural products such as grains, fruits, vegetables, poultry, livestock and dairy products.

FARM LAYOUT - The arrangement of fields, farm buildings, roads and other land features.

FARMSTEAD - The site of farm buildings; the focal point of farming operations.

FEE SIMPLE - Unqualified ownership of real property subject only to the limitations of taxation, eminent domain, police power and escheat.  The complete bundle of rights.

FEE TAIL - An estate of inheritance which specifies the descendants or heirs of the owner of the real estate to whom said real estate may be granted.  Abolished in most states and converted to fee simple.

FENESTRATION - The design and arrangement of the windows in a building.

FIDUCIARY - A person who occupies a position of special trust in certain relationships to
another person or persons.  An administrator, executor, guardian, receiver or trustee.

FIELD BOOK - Usually a copy of the current year's assessment roll in which changes for the following year's roll are written.

FIELD CROP - An annual crop such as wheat which is planted and harvested by mechanical means.

FILE - In data processing, a collection of similar records such as a file containing the inventory records of every parcel in a town.

FILE MAINTENANCE - The process of updating and correcting a computer data file by entering new information in the appropriate records and fields.

FIELD (RECORDED) MAP - A document such as a plan of a subdivision which is filed with the county clerk and often referred to in legal descriptions.

FINAL ASSESSMENT ROLL - A document containing assessment and exemption information on all parcels in a municipality.  Differs from the tentative assessment roll with respect to changes ordered by a Board of Assessment Review, assessments and ceilings made by the State Board of Real Property Services (SBRPS) and ownership and address changes since the tentative roll.  Filed on July 1 by most towns in New York State and on April 1 by most villages.

FINAL VALUE ESTIMATE - The end product of an appraisal resulting from the reconciliation of the various approaches to value used.

FIRE DOOR - A door whose core and external surfaces are especially constructed to delay the spread of fire.  Some fire doors can be closed automatically from a remote location or are activated by heat.

FIREPROOFING - The use of non-combustible materials to protect the structural components of a building so that it will be less likely to lose its structural integrity if the interior contents are burned.