Value (owner estimated, market) of private dwelling

Status: This standard was replaced by the 'Value (owner estimated) of private dwelling' as of March 24, 2016.

Definition

Value (owner estimated, market) refers to the dollar amount expected by the owner if the asset were to be sold.

Private dwelling refers to a separate set of living quarters with a private entrance either from outside the building or from a common hall, lobby, vestibule or stairway inside the building. The entrance to the dwelling must be one that can be used without passing through the living quarters of some other person or group of persons.

Usage

Though "value (owner estimate, market)" applies to dwellings, a person or private household can be assigned such a value based on the owner-estimated market value of the dwelling in which the person or household usually resides.

Classifications

Additional information

In the context of dwelling, it refers to the value of the entire dwelling, including the value of the land it is on and of any other structure, such as a garage, which is on the property. If the dwelling is located in a building which contains several dwellings, or a combination of residential and business premises, all of which the household owns, the value is estimated as a portion of the market value that applies only to the dwelling in which the household resides.

See:

Relation to previous version

  • Value (owner estimated, market) of private dwelling September 11, 2013 to March 23, 2016

    'Value (owner estimated) of private dwelling' replaces the recommended standard 'Value (owner estimated) of private dwelling'.

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