- An educated estimate regarding the value (monetary worth) of a property determined by a qualified appraiser.
price, replacement cost, current value, estimated
Related Terms and Acronyms
- Appraisal — Definition,
- An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
- Appraisal Report — Definition,
- A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- Book Value — Definition,
- A valuation method determined by taking the original cost of an asset and subtracting any depreciation, impairment or amortization costs.
- The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
- Effective Age — Definition,
- An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
- Extended Replacement Cost — Definition,
- A replacement cost for an asset that exceeds that of the actual cash value of the asset.
- Fair Market Value (FMV) — Acronym, Very Important,
- The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.
- Full Market Value — Definition,
- In reference to property taxes, usually refers to the tax rate applied to 100 percent of the property's value. Also full cash value.
- Intangible Asset — Definition,
- Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
- Intangible Property — Definition,
- Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
- Lending Value — Definition,
- The property value for mortgage purposes. Usually the lesser of appraised value or sale price.
- Low Ball Offer — Definition,
- A way-below-market bid a buyer makes on a property or item.
- Monetary Value — Definition,
- A property's monetary value is its worth if sold at this moment in time.
- Purchase Price — Definition,
- The total selling price of the home, including the cash down payment and the principal on the loan.
- Sale Price — Definition,
- The price that is paid for an asset.
- Seller's Market — Definition,
- Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
- Valuation — Definition,
- The estimation of a property's price value through an appraisal.
- The process of finding the worth of an asset or business.