Deed - A written, legal instrument that conveys an estate or interest in real property when it is executed and delivered (see also quitclaim deed and warranty deed).
- In appraising, a loss in property value from any cause; the difference between the reproduction or replacement cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date.
- In regard to improvements, depreciation encompasses both deterioration and obsolescence.
Fair Market Value - The amount of money a well-informed buyer would pay and a well-informed seller would accept for property that has been on the open market for a reasonable amount of time, assuming neither buyer nor seller is acting under pressure.
Geographic Information System (GIS) - One type of computerized mapping system capable of integrating spatial data (land information) and attribute data among different layers on a base map.
Improvements - Buildings, other structures, and attachments or annexations to land that are intended to remain so attached or annexed.
Legal Description - A delineation of dimensions, boundaries, and relevant attributes of a real property parcel that serve to identify the parcel for purposes of law. The description may be in words or codes, such as metes and bounds or coordinates. For a subdivided lot, the legal description would contain lot and block numbers and a subdivision name. For those that are not platted, it would be a township, range, section, and any applicable quarters, or quarter-quarters.
Level of Assessment - is the percentage of the fair market value that determines assessed value. The level of assessment for industrial use properties was 11.5%, all other properties were a 9.5%. The level of assessment is set by the legislature and is subject to change.