Glossary

A selection of terms relating to Assessments.

• Assessment Date  »

  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 Equity »

  Assessment Equity

  The degree to which assessments have a consistent relationship to market value.
• Assessment Progressivity (Regressivity)  »

  Assessment Progressivity (Regressivity)

  An appraisal bias such that high-value properties are appraised higher (or lower) than low-value properties in relation to market values.
• Assessment Ratio  »

  Assessment Ratio

  The fractional relationship an assessed value has to the market value of the property in question.
  
  By extension, the fractional relationship the total of the assessment roll bears to the total market value of all taxable property in a jurisdiction. 
  
  
  
• Assessment Ratio Study  »

  Assessment Ratio Study

  An investigation intended to determine the assessment ratio and assessment equity.
• Geographical Market Area (GMA) »

  Geographical Market Area (GMA)

  Pockets of real estate activity where similar properties are selling for similar prices.
• Level of Assessment; Assessment Ratio  »

  Level of Assessment; Assessment Ratio

  The common or overall of assessed values to market values.
  
• Reappraisal  »

  Reappraisal

  The mass appraisal of all property within an assessment jurisdiction accomplished within or at the beginning of a reappraisal cycle. Also known as a 'revaluation' or 'reassessment'.
  
• Reappraisal Cycle  »

  Reappraisal Cycle

  1. The period of time necessary for a jurisdiction to have a complete reappraisal. For example, a cycle of five years occurs when a jurisdiction is reappraised over a five year period and also when a jurisdiction is reappraised all at once every five years.
  2. The maximum interval between reappraisals as stated in laws.
• Reassessment  »

  Reassessment

  A property reassessment is a reevaluation of real property in Philadelphia with the goal of ensuring that all property values are in compliance with state statutes, applicable laws, and industry standards.
• Reevaluation  »

  Reevaluation

  A reappraisal of property; especially a complete reappraisal of real property after assessment for one or more years on valuations most (or all) of which were established in some prior year.