(a) Is the most probable price, not the highest, lowest or average price;
(b) Is expressed in terms of money;
(c) implies a reasonable time for exposure to the market;
(d) Implies that both buyer and seller are informed of the uses to which the property may be put;
(e) Assumes an arm’s length transaction in the open market;
(f) Assumes a willing buyer and a willing seller, with no advantage being taken by either buyer or
seller; and,
(g) Recognizes both the present use and the potential use of the property.
The term includes “full and true value”. Rev 601.32
Mass Appraisal means the utilization of standard commonly recognized techniques to value a group
of properties as of a given date, using standard appraisal methods, employing common data and
providing for statistical testing. Rev 601.33
Measure means the physical inspection, verification, sketching and recording of the exterior
dimensions and attributes of any improvements made to a property. Rev 601.34
Municipal Assessing Officials means those charged by law with the duty of assessing taxes and
being the:
(a) Governing body of a municipality;
(b) Board of assessors or selectmen of a municipality; or
(c) County commissioners of an unincorporated place.
Rev 601.36
Municipality means a city, City or unincorporated place. Rev 601.37
Partial Update means the process of analyzing market sales throughout the entire municipality to
identify and implement needed value changes to the affected areas, or classes of property, to bring
those properties to the municipality's general level of assessment utilizing the existing base tax year
and providing an addendum to the existing USPAP compliant report. The term includes “partial
revaluation.” Rev 601.38
Revaluation means the act of re-estimating the worth of real estate of the entire municipality using
standard appraisal methods, calibration of the CAMA tables and models, establishment of anew
base year with a USPAP compliant report, and providing for statistical testing whether by either:
(a) A full revaluation; or,
(b) A full statistical revaluation.
The term includes “reappraisal,” “reassessment,” and “value anew”. Rev 601.40
Sale Validation means the process of verifying a real estate sale transaction to determine whether
the sale was a valid or an invalid indicator of the market value of the sold property. The term
includes “sale verification” and “sale qualification.” Rev 601.41
Statistical Testing means the use or application of numerical statistics to understand the results of a
reappraisal or the need for a reappraisal. Rev 601.42
4 City of Nashua, NH
Full Statistical Revaluation Contract
