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Sales Comparison Approach: An analytical process by which an indication of market value is derived by comparing the property being appraised (the subject property) to similar properties that have recently sold in the open market. This is accomplished by making adjustments to the comparable sales for any and all dissimilarities when compared to the subject property.
Settlement Statement: Often referred to as a closing statement or HUD-1 disbursement document. If you have recently purchase a new home, this is the document you reviewed and signed at the title company when settling or closing the transaction. This document is an itemized statement of all monetary disbursements to the individuals or entities involved in the transaction. It will include the purchase price of the home and all other pro-rations involved in transferring ownership from the seller to the buyer.
Stigma: A condition that negatively impacts a property's market value. It is the value impact of uncertainties caused by environmentally related impacts attributed to the presence or assumed presence of risk in accepting liability for a contaminated property.
Stipulation: A voluntary agreement between the appellant/petitioner and the respondent/Assessor, where an agreement has been reached regarding the fair market value assessment of the property appealed. By entering into a stipulation, both parties waive any further appeal rights to the Board of Equalization, the Utah State Tax Commission, or any Court of Competent Jurisdiction.
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