Appreciation is an increase in an asset’s value, usually due to inflation or other external economic factors (the opposite of depreciation).
In more common parlance, appreciation may also be recognition or understanding of the value or significance of a person or thing.
[Last reviewed in June of 2021 by the Wex Definitions Team]
An appurtenance refers to something that, while technically detachable, is so fundamental to something else that it should be regarded as a part of the whole. In the event that property transfers hands, all appurtenances usually transfer as well. Determining whether something qualifies as an appurtenance is especially important when liens on property are at play.
Appurtenant refers to rights or restrictions that run with the land. The term is generally used in the context of easements or covenants, and is distinguished from rights or restrictions in gross, which only benefit or burden a particular person.
ARM stands for ‘adjustable-rate mortgage,' which is a type of home loan that has a fixed interest rate for an initial period of time then after a certain point, the rate changes, which means it is no longer a fixed interest rate but rather the interest fluctuates during the life of the loan, based on the change or move
“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and inspect the good before they purchase it, so they are generally aware of the item’s condition.
In common parlance, to assess means to evaluate.
The word assess is commonly used in the context of tax law, specifically meaning to ascertain a valuation of a piece of property for purposes of tax calculation (see assessed value). To assess may also mean to calculate or determine the amount of something, such as a tax, a fine, or damages.
Assessed value is the value of a property, as determined (assessed) by a tax assessor or appraiser, for tax calculation purposes.
[Last reviewed in June of 2021 by the Wex Definitions Team]
An assessor (sometimes also termed tax assessor) is an official who is responsible for evaluating and assessing a property for tax calculation purposes.
[Last reviewed in June of 2021 by the Wex Definitions Team]
An assessor’s parcel number is a unique number assigned to parcels of property such as land by the tax assessor of the property jurisdiction, which is used for record-keeping and tax purposes of such property.
