For a larger glossary of many terms used in property appraisal, please see the International Association of Assessing Officers' Glossary for Property Appraisal and Assessment .

Factory-Built Building

A building which is either wholly or in substantial part manufactured at an off-site location. This definition excludes manufactured housing,mobile homes and recreational travel trailer vehicles.

Fair Cash Value

The value or price at which a willing buyer would purchase property and a willing seller would sell property if both parties are knowledgeable about the property and its uses and if neither party is under any undue pressure to buy or sell and for real property shall mean the value for the highest and best use for which such property was actually used, or was previously classified for use.

Fair Market Value

The amount of cash or its equivalent that a property would bring if exposed for sale in the open market. Also known as Full Cash Value.

Fee Appraiser

An appraiser who is paid a fee for the appraisal assignments he or she performs.

Fee Simple Absolute

In land ownership, complete interest in a property, subject only to governmental powers. Also referred to as Fee Simple.

Final Order of Condemnation

A judicial order transferring either an easement or fee title to a plaintiff for property condemned under eminent domain proceedings.

Fiscal Year

The period beginning July 1 and ending June 30.


An item of tangible property that was originally personal in nature, but because of the way it is used, the way it is attached, or both, has become an integral part of the building, it is classified as real property.


The legal process in which a mortgagee forces the sale of a property to recover all or part of a loan on which the mortgagor has defaulted.

Fractional Assessment

Assessments that by law or by practice have assessment ratio/levels different from one.

Fractional Section

A subdivision of a Township containing more or less than 640 acres of land. Typically accounting for the overage or deficiency in acreage is done on the north and/or west side of a section, and Fractional Section are found on the north and/or west side of a Township.

Full Cash Value

This is one of the two major values you will see at the top of your Notice of Value every year. The Full Cash Value (FCV) is defined by Arizona law as the market value except in rare circumstances where it is defined differently for specific property types. The FCV is an estimate of what the property would sell for, but this estimate is limited because in mass appraisal we are not looking at each property individually and are given other restrictions.

The FCV is the only appealable value. The FCV is determined by using standard appraisal methods and techniques unless otherwise mandated by the legislature.

Since tax year 2015, the FCV has not been used to calculate property taxes with the exceptions of Business Personal Property and centrally valued properties identified in Arizona law (A.R.S. § 42-12001 , § 42-12002 , § 42-12003 , § 42-12004 , § 42-12005 , § 42-12006 , § 42-12007 and § 42-12001 ). The FCV does provide a limit to how much the Limited Property Value (which is used in your property tax calculations) can grow.

Full Economic Cost

Cost for appraisal purposes. Includes all market costs (direct and indirect) necessary to purchase or construct equipment and make it ready for its intended use.

Functional Obsolescence

A cause of depreciation which is a loss in value due to inability of the structure to perform adequately, the function for which it is used, as of the appraisal date.

Functional Utility

The ability of improvements to satisfy market standards and demands.