Concepts Definitions

• Appraisal: An estimate or opinion of the value of a piece of property as of a specific date.

• Market Value: The most probable price a property should bring in a competitive and open market, assuming prudent and knowledgeable buyers and sellers, and no undue stimulus.

• Assessed Value: Property valuation for taxation purposes.

• Highest and Best Use: The legal and physically possible use of a property that is most likely to generate the greatest return over a particular time period.

• Sales Comparison Approach (Market Data Approach): One of the three main methods of appraisal that compares recently sold properties to the property being appraised. • Land Value: The value of the physical land itself, distinct from improvements

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