An official reduction or invalidation of an assessed valuation after the initial assessment for ad valorem taxation has been completed. 

A land measure equal to 43,560 square feet.

A real estate tax based on the assessed value of the property, which is not necessarily equivalent to its market value.

A tangible or intangible benefit of real property that enhances its attractiveness or increases the satisfaction of the user, but is not essential to its use. Natural amenities may include a pleasant location near water or a scenic view of the surrounding area; man-made amenities include swimming pools, tennis courts, community buildings, and other [..]

1. An analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate; 2. The act or process of estimating value; an estimate of value.

Systematic procedures used to derive value indications in real property appraisal. (See also:  cost approach, income capitalization approach, sales comparison approach, below.)

A process in which one or more individuals are selected by opposing parties to settle a dispute outside of court. The decision of an arbitrator is generally binding.

1. To estimate property value as a basis for taxation; 2. To fix or determine, e.g., by a court or commission, the compensation due a property owner for the taking of real property.

The value of a property according to the tax rolls in ad valorem taxation. May be higher or lower than market value, or based on an assessment ratio that is a percentage of market value.

1. The official valuation of property for ad valorem taxation; 2. A single charge levied against a parcel of real estate to defray the cost of a public improvement that presumably will benefit only the properties it serves, e.g., assessment for the installation of sidewalks, curbs, or sewer and water lines; 3. An official determination of the amoun [..]