Glossary of Terms - Property Value

Assessed Value
The value of a property according to jurisdictional tax assessment.

Assessed Year
The year in which the County Assessed Value was determined.

Bath (F/H)
The number of full-sized (F) and half-sized (H) bathrooms in the house.

Buyer
The name of the party that purchased the property from the seller.

Comparable
An abbreviated term used by appraisers to describe properties which are similar in size, condition, location and amenities to a subject property whose value is being determined.  The Uniform Standards of Professional Appraisal Practice (USPAP) establish clear guidelines for determining a comparable property.

Conforming/Non-Conforming
Indicates if a subject property is similar or not similar to other properties in the neighborhood.

County Assessed Value
The value of a property according to jurisdictional tax assessment (county). This results in the compilation of values of a property according to county tax assessment.

Estimated Value
This is the estimated value of the property which is the result of an Automated Valuation Model (AVMs).  These AVMs use a proprietary algorithm which takes into account many variables including land size, year built, square footage, sales prices of similar properties, etc.  However, it should not be replied upon in place of an appraisal. Please see "Limitations of Automated Valuation Models" within our Terms and Conditions for a complete explanation.

Estimated Value Range
This is the estimated value range of the property which is the result of an Automated Valuation Model, (AVMs).  The range is considered to be the most likely high and low estimated value of the property.  These AVMs use a proprietary algorithm which takes into account many variables including land size, year built, square footage, sales prices of similar properties, etc.  However, it should not be replied upon in place of an appraisal. Please see "Limitations of Automated Valuation Models" within our Terms and Conditions for a complete explanation.

Estimated LTV
LTV stands for Loan to Value ratio.  This is the comparison estimate of the amount owed on a mortgaged property to its fair market value.

Hazardous Waste Facilities
A facility that generates, stores, treats, or disposes of waste that is characterized as being hazardous by the EPA or state environmental and regulatory agency.

Improvement Value
Any parcel of land which has been improved the value from its original state through the creation of roads, buildings or other structures.  This is typically the portion of the County Assessed Value that is attributed to buildings and other improvements to the land.

Land Value
The portion of the County Assessed Value that is attributed to the actual land parcel.

Land Use
How the land is zoned by that county or city jurisdiction.  Typically "Single Family Residence" (SFR) will be shown in these data reports.

Legal Description
The description of a piece of property, identifying its specific location in terms established by the municipality or other jurisdiction in which the property resides.  Often related in specific distances from a known landmark or intersection.

Lender
This is a person or entity who loans funds to a buyer. In return, the lender will receive periodic payments, including principal and interest amounts.

Living Area
The total above ground living area of the house.  This area is typically the heated finished area.  This square footage does not include garages, porches or finished basements.

Loan Amount
The total amount of the mortgage loan, at the time of borrowing, outstanding on the property.  Payments may have reduced the outstanding principle balance.

Mailing Address
The mailing address of the registered owner of any given property.

Mortgage Interest Rate
A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.

Mortgage Interest Rate Type
The type of interest rate on the first mortgage.  Typically a fixed interest rate (FIXED) or and adjustable rate mortgage (ADJ).

Owner Name
The person or entity of record that is on file with county jurisdictions as being the owner of the property.

Price Per Sq. Ft.
The result of the Sale Price divided by living area square footage.

Prior Sale Information
Details of the transaction prior to the current owner buying the property, including sale price and date.

Property Tax
The annual property tax owed on this property.

Property Use
The type of use the property is currently being used for or zoned.

REO Property
This abbreviation stands for Real Estate Owned Property.

Sale Value or Price
The total amount of sale for the referenced transaction.

School District
The school district that a given property belongs to where typically the school aged children living at a given property location would attend.

Seller
The name of the party which sold the property to the subseowner.

Special Flood Hazard Area (SFHA)
Geographical area designated by the Department of Housing and Urban Development as having an above average risk of flooding.  In support of the National Flood Insurance Program (NFIP), FEMA has undertaken a massive effort of flood hazard identification and mapping to produce Flood Hazard Boundary Maps, Flood Insurance Rate Maps, and Flood Boundary and Floodway Maps.  Several areas of flood hazards are commonly identified on these maps.  One of these areas is the Special Flood Hazard Area (SFHA), which is defined as an area of land that would be inundated by a flood having a 1% chance of occurring in any given year (previously referred to as the base flood or 100-year flood).  The 1% annual chance standard was chosen after considering various alternatives.  The standard constitutes a reasonable compromise between the need for building restrictions to minimize potential loss of life and property and the economic benefits to be derived from floodplain development.  Development may take place within the SFHA, provided that development complies with local floodplain management ordinances, which must meet the minimum Federal requirements.  Flood insurance is required for insurable structures within the SFHA to protect federally funded or federally backed investments and assistance used for acquisition and/or construction purposes within communities participating in the NFIP.

100 Year Flood Hazard Area
The term "100-year flood" is misleading. It is not the flood that will occur once every 100 years.  Rather, it is the flood elevation that has a 1- percent chance of being equaled or exceeded each year.  Thus, the 100-year flood could occur more than once in a relatively short period of time.  The "100-year flood" which is the standard used by most Federal and state agencies, is used by the National Flood Insurance Program (NFIP) as the standard for floodplain management and to determine the need for flood insurance.  A structure located within a special flood hazard area shown on an NFIP map has a 26 percent chance of suffering flood damage during the term of a 30-year mortgage.

Tax Year
The calendar year for which property tax is to be paid.

Transfer Date
The date by which the ownership of a property changes hands.  Typically this is the closing date for any given home sale, or a date in which the ownership is transferred within the local county records.