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Glossary

This glossary defines terms related to property assessment in Philadelphia.

A

Abatement

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Acquisition value

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Ad valorem tax

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Aerial photograph

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Appeal

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Arm’s length sale

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Assessment date

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Assessment equity

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Assessment progressivity (regressivity)

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Assessment ratio

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Assessment ratio study

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B

Benchmark

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C

Cadastral map

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Capitalization route

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Catastrophic loss

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Class

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Coding

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Coefficient

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Coefficient of dispersion

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Commercial property

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Comparable sales, comparables

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Comparative unit method

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Computer-assisted mass appraisal

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Cooperative, co-op

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Cost

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Cost approach

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Cost schedules

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D

Data

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Data edit

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Data management

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Depreciation

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Depreciation schedules

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Disabled veterans tax exemption

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Discount rate

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E

Effective tax rate

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Elasticity (tax)

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Equalization

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Equity

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Exemption

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Expense ratios

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F

Factor

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Fractional assessments

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Front foot

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G

Geographic information system (GIS)

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Geographical Market Area (GMA)

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Gross income

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Gross income multiplier

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H

Homestead exemption

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I

Income approach

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Industrial property

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L

Land

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Legal description

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Level of appraisal

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Level of assessment, assessment ratio

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Levy property tax

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M

Map

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Map, tax

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Market

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Market adjustment factors

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Market analysis

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Market value

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Mass appraisal

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Mass appraisal model

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Mileage, mill rate

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Model

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Model calibration

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Model specification

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Multiple regression, multiple regression analysis (MRA)

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N

Neighborhood

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Net income

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Net income multiplier

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Non-profit tax exemption

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O

Open market

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Overall rate (OAR)

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P

Parcel

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Parcel identifier

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Personal property

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Price, adjusted sale

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Price, sale

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Property

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Property record card (form)

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R

Rate-driven levy

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Ratio study

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Real estate

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Real property

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Reappraisal

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Reappraisal cycle

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Reassessment

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Reconciliation

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Reevaluation

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Reliability

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Replacement cost, replacement cost new

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Residential property

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Residual

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Residual technique

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Review

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S

Sale file

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Sale, arm’s length

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Sales comparison approach

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Sales data

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Sales ratio study

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Single property appraisal

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Site characteristics

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Single-purpose property

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Stratify

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Stratum, strata

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Subclass

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Subject property

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Subjective

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Sunset provision

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T

Tax burden

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Tax increment financing (TIF)

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Three approaches to value

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Time-adjusted sale price

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Trending

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Trending factor

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U

Uniform Standards of Professional Appraisal Practice

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Uniformity

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Unit of comparison

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Use class

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Use value

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USPAP

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V

Valuation

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Valuation date

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Valuation model

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Value

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Variable

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Verify

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