See Mann-Whitney test.

Any tank and associated piping that has more than 10 percent of its volume underground. If leaking, these tanks are known as LUSTs.

An improvement that does not develop a site to its highest and best use; usually a violation of the principle of conformity. Contrast overimprovement.

An interest in a property that is not distinct from the interest or interests of one or more other persons as to the time during which the interest is possessory or as to the portion of the property to which the interest attaches, for example, the interest of a joint tenant or a tenant in common.

Annual publication of the Appraisal Standards Board of The Appraisal Foundation: "These Standards deal with the procedures to be followed in performing an appraisal, review or consulting service and the manner in which an appraisal, review or consulting service is communicated. . . .STANDARD 6 sets forth criteria for the development and reporting of mass appraisals for ad valorem tax purposes or any other universe of properties" (p. 1).

The equality of the burden of taxation in the method of assessment.

The property being appraised. Everything used or useful to the ongoing economic operation of the business (property). Includes tangible and intangible property.

A valuation guideline expressing the relationship between cost or value of property and some unit of measure, for example, cost per square foot or per employee.

A method of cost estimating in which all the direct and some of the indirect costs of individual construction components (such as the foundation walls) are specified in appropriate units (such as cost per unit of area, volume, or length), multiplied by an estimate of the quantity required by the particular structure, and added to obtain an estimate of the cost of the structure. Compare comparative unit method (sense 2); quantity survey method.

The unit rule is a method that values the property within a particular jurisdiction based on the fair share of the value of an operating enterprise, of which the property is an integral part. The unit value concept values all the property as a going concern without geographical or functional division of the whole and includes tangible and intangible assets. The unit rule concept is typically associated with the valuation of public utilities, telecommunications networks, railroads, and other transportation properties. However, the concept of unit valuation is similarly applicable to the appraisal of a single-family residence when comparable sales are used to value the entire property without segregation of land values. Similarly, when rents are capitalized into a value estimate for commercial properties, the unit rule is used.

A United States banking system charged with responsibility for maintaining the health of the economy through its regulation of the money supply and the rate of interest.

The transverse Mercator projection used in the United States. Universal transverse Mercator projection zones are six degrees of longitude wide and cross civil boundaries. See also Mercator projection.

A mean in which each value is considered only once. See weighted mean.

The area of land that can be used, or the equivalent area after allowance for irregular topography.

Value (Farmland) Assessment Laws-Laws that require or permit assessors to appraise and assess property as though the property were subject to an enforceable restriction that forbade putting the land (or the entire property) to any use but the present one. Typically there is no such permanent enforceable restriction, but assessors may nevertheless be required to assess certain property types, especially agricultural land, and to a lesser extent historic properties, as though the restriction were real. In such instances, the sales comparison approach may be inapplicable, and a version of the income approach may be required.

(1) A grouping of properties based on their use rather than, for example, their acreage or construction. (2) One of the following classes of property: single-family residential, multifamily residential, agricultural, commercial, industrial, vacant land, and institutional/exempt. (3) Any subclass refinement of the above-for example, townhouse, detached single-family, condominium, house on farm, and so on. See also property use category.

A code (used on a property record form) to indicate a property's use class or, less often, potential use.

(1) The value of property in a specific use. (2) Property entirely used for a specific purpose or use that may entitle the property to be assessed at a different level than others in the jurisdiction. Examples of properties that may be assessed at use value under the statutes include agricultural land, timberland, and historical sites. Compare value in use.

(1) The quality of a property or service that enables it to satisfy human wants. (2) The satisfaction obtained from the goods and services that a consumer consumes.