Market Value – Market Value is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed and refined. A current economic definition agreed upon by agencies that regulate federal financial institutions in the United States is: The most probable price (in terms of money) which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: The buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associate with the sale.
Mass Appraisal - The process of valuing a universe of properties as of a given date (in Florida for ad valorem purposes the date of value is January 1st each year) using standard methodology, employing common data, and allowing for statistical testing. (USPAP, 2020-2021 ed.)
Method - The method used to determine units: AC = Acreage; FF = Front foot; LT = Lot; NA = Not Applicable; SF = Square foot; UT =Units.
Mill - One mill is $1.00 of property taxes for every $1,000 of value e.g. A 20-mill tax rate levied against a taxable value of $100,000 would generate a $2,000 tax liability.
Millage Rate - The tax rate that the Taxing Authorities use to fund their annual budgets. A Mill is one dollar per one thousand dollars of taxable value. Millage rates by Taxing District are posted on the Tax Collector's website.
Model - For purposes of appraisal, a representation (in words or an equation) that explains the relationship between value or estimated sale price and variables representing factors of supply and demand.
Multiple Listing Service (MLS) – A suite of services that real estate brokers use to establish contractual offers of compensation (among brokers) and accumulate and disseminate information to enable appraisals. A multiple listing service’s database and software is used by real estate brokers in real estate, representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to work with a seller’s broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service’s database is proprietary information of the broker who has obtained a listing agreement with a property’s seller.
Municipality - An incorporated area of the county such as a City, Town or Village.
