Board Of Equalization - Glossary
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Glossary - O
Obsolescence
The loss in value that diminishes the function, utility, and value of the improvements (functional), or impairs the utility or salability of an improvement due to outside influences (external).
Other Property Tax Exemptions
There are other partial real property tax exemptions available to certain tax payers, as provided by statute. They include Circuit Breaker, Indigent Abatement, Disabled Veteran's Exemption, and Blind Exemption.
Overall Capitalization Rate
Often referred to as the OAR or Cap Rate. This is the rate the Assessor and appraisers use to convert a single year's Net Operating Income (NOI) into a value. There are many ways of developing this rate. However the most reliable method is extracting it directly from the market.