In appraisal terminology, what do "site" and "improvement" refer to?

In appraisal terminology, the definition provided in the chosen answer accurately delineates the concepts of "site" and "improvement." A site refers specifically to the land on which a property is situated. It encompasses not just the physical boundaries of the land but also considers location, zoning, and other land characteristics that may influence the property's value.

On the other hand, "improvement" pertains to any buildings, structures, or enhancements made on the land that increase its utility and value. This can include houses, commercial buildings, garages, and any other significant construction or landscaping that adds to the overall property value. Recognizing these definitions is essential for appraisers, as it helps in distinguishing between the intrinsic value of the land itself and the added value that improvements provide.

By accurately defining "site" as the land and "improvement" as the structures or additions on that land, the chosen answer encapsulates the fundamental elements that appraisers consider when evaluating real estate properties. Understanding this difference is crucial for proper valuation and can significantly impact the overall appraisal process.