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 .


Section, Township & Range coordinates from the Arizona Public Land Survey System .

Sale Comparison Approach

The method of estimating the value of a property based on an analysis of sales of similar properties. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when comparable sales data are available.

Sale Date

The date a parcel of property was sold for tax collection purposes.

Sale Price

The price for which a property was sold. See also adjusted sale price.

Sale Ratio/Assessment Ratio

The ratio of an appraised (or assessed value) to the sale price, or adjusted sale price of a property.

Sales Ratio Study

A ratio study which uses sales prices as proxies for market values.

Sales-Ratio Analysis

A study of the relationship between assessed values and sale prices and the deviations that result from differences between the two; used to determine the efficiency and fairness of the assessment process in a particular jurisdiction.

Sales/Assessment Ratio

The ratio of listed full cash value to selling price.

Secondary Value

The value of property determined by the assessor each year. The secondary full cash value is the same as full cash value. Used for taxation to pay bonds, overrides and special districts.


In the government survey system of land description, one of the 36 sections, each one mile square, into which each township is divided.


A person who makes a transfer of title to real estate.

Senior Valuation Freeze

Provides for those who apply and qualify, the taxable market value will not increase on a homestead property owned by a person 65 years of age or older before January 1. All sources of income, including taxable and nontaxable monies, cannot exceed $32,352 for a single owner or $40,440 for two or more owners, in an average of income for the previous year unless the individual ceases to own or occupy the property, the income exceeds the limit, or if improvements have been made to the property. (S.Q. 677)

Separated Rights

Rights to property that have been separated by deed such as: air, mineral, water, and leaseholds.

Short-Lived Items

Items of a structure which have a shorter life than the basic structure. For example: roofing, water heaters, floor covering and interior finish.

Single Property Appraisal

Systematic appraisal of properties one at a time.

Site Address

The physical location of a property. See also Situs.

Site Amenities

The specific location-related attributes of a property; such as topography, utilities, street traffic, view, etc.


The physical location of property. See also Site Address.

Special Districts

Special service governments created to provide a particular service, e.g., economic development districts, water resource management districts.

Sq Ft

The sum of all interior square footage.


The cost of one square foot of an improvement; obtained by dividing the actual, or estimated, cost of a building by its gross floor area or by dividing the actual, or estimated, cost of a land improvement by its square foot area; can be multiplied by the number of square feet in a building or land improvement to produce the actual or estimated cost.

State Aid Credit

The Arizona Legislature has decided to pay annually for a percentage of the primary school district tax on owner-occupied primary residences. This "Homeowner Rebate" appears automatically on the tax bills of property classified as Legal Class 3 on a line titled "STATE AID TO EDUCATION" and is up to 40% or $600 as defined in Arizona law (A.R.S § 15-972 ). This is one of the reasons that homeowners may have lower property tax bills than the similarly situated houses of renters or secondary homes. State Aid Credit is calculated and applied by the Treasurer based on data provided by the Assessor.


The number of stories in the primary structure.


A tract of land divided by means of a map, into lots or lots and blocks, for the purpose of sale or lease, generally for residential or commercial purposes.


A principle stating that a property's value tends to be set by the cost of acquiring an equally desirable substitute.


Assessable property used up in the normal operation of a business, but which are not intended for sale or lease.


A schedule showing the amount of a good or service that would be offered for sale at various prices during a given period.

Surplus Productivity

The income remaining after the costs of labor, capital, and management have been paid.