The process of assembling two or more parcels into one larger parcel of common ownership, resulting in greater total utility
and/or value than the sum of each smaller parcel separately considered (i.e., total value is greater than the sum of the parts). In
order for plottage to occur, the parcels in question must be logically contiguous and have common ownership.
Land plus
all things attached, affixed, or associated to it in a permanent way.
A line on a graph that best represents
the central tendency of the data points. It can be mathematically derived or drawn by hand. It represents the central tendency of
the data set. Thus, one may infer that this line represents the “average” within the data set (i.e. average in the context of a given
situation) for any given unit of measure. For example, comparable sales above this line, theoretically, are superior to this average
and offer better and/or more amenities. And vice versa.
In condemnation, it is that parcel remaining after a part,
consisting of rights and/or area, has been taken out of or from the whole property.
The cost to replace a structure
or part thereof with similar but not necessarily exact structures or parts having equivalent function and utility. For example, replacing
old lath and plaster walls with drywall.
This is usually the date on which the appraisal report is completed and may not
necessarily coincide with the presentation date, delivery date, date of mailing, value date, or any other date.
The
cost to reproduce a structure or part thereof with exactly similar materials, workmanship, and design. For example, replacing old
lath and plaster walls with new lath and plaster rather than drywall.
Something left over after other components of the total
are removed. For example: if estimated improvement value is subtracted from a property’s total value, the value remaining would theoretically
be the land value and vice versa. Residual valuation techniques assume that sale price is equal to total value and that total value
is the sum of its component values.
A wall or base of rocks placed together irregularly in water flow areas to reduce erosion
and scour. Generally it is not held together with mortar or cement but loosely packed, although sometimes it may be held in place
with wire.
An appraisal report that conforms to USPAP Standards Rule 2-2(c). This is a written report
that provides only a minimum level of detail in the presentation of information, analysis, and conclusions and is not intended for
those unfamiliar the assignment.
The amount of groundwater pumped from the aquifer on an average annual basis must not exceed
the amount that is naturally or artificially recharged. “Mining” occurs when consumption exceeds recharge. The safe-yield goal is
a basin-wide balance. This means that water level declines in one portion of the AMA can be offset by recharging water in another
part of the AMA.
An area of land consisting of 1 square mile or approximately 640 acres and typically approximating a square
in shape.
An appraisal report that conforms to USPAP Standards Rule 2-2(a). This is a written report provides a comprehensive level of detail in the presentation of information, analysis, and conclusions. Generally, enough facts and information are provided, so that a typical reader, not familiar with real estate, can read and understand the appraisal.