What does the term 'subject property' refer to?

The term 'subject property' specifically refers to the property that is being appraised in the context of a valuation process. This distinguishes it from other properties that may be referenced throughout an appraisal analysis, such as comparable properties used for comparison, properties currently available on the market, or properties that are under contract. Understanding that the subject property is the focus of the appraisal is essential, as it is the one being evaluated for its value, condition, and characteristics. Identifying it correctly is crucial for an accurate appraisal practice, ensuring that all analysis and comparisons are based on the correct focal point of the assessment.