| Ad Valorem |
Latin for "According to Value." |
| Ad Valorem Tax System |
The system of property taxation in which the tax liability is directly proportional to the Value of the property. |
| Address |
911 address-physical location; mailing address-owners location |
| Air Rights |
Property interest in the space beginning a specified distance above the surface level of a parcel and extending for a specified distance |
| Appeal |
The informal or formal action by an owner of a parcel to seek a change in the assessed value of the parcel |
| Appeal Period |
The specific time period during which owners may file a formal appeal if they desire to contest the assessed
value of a parcel. |
| Appraisal Date |
The date upon which an official value estimate was made for the parcel. |
| Appraisal Process |
See valuation process |
| Appraise |
The act of estimating the value of a parcel |
| Appraised Value |
The value resulting from the act of appraising |
| Assessed Value |
The value at which the parcel is placed on the tax roll. It may differ from the appraised value because of fractional assessment multipliers and other statutory or policy reasons. |
| Assessment |
See Assessed Value |
| Assessment Class |
The grouping of parcels according to use. That is R-Residential, C-Commercial, F-Farm. |
| Assessment Date |
January 1 for Real Estate |
| Assessment Level |
The Assessed values of sold parcels is compared to the selling price to gain an indication of the level of assessment. |
| Assessment Notice |
The official communication (legal notice) to the owner of a parcel stating the assessed value of his parcel. |
| Assessment Roll |
The official listing of Assessed Values as of the Tax Lien Date upon which tax bills will be calculated. |
| Assessment Sale Ratio |
Assessed Value divided by the Sale Price. |
| Assessment Year |
The 365 days beginning with the assessment date. |
| Block and Lot |
These are frequently components of a geographically organized Parcel Identification Number (PIN). Block usually refers to the individual map and lot refers to the individual parcel on the map.
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| Building Permit |
A document usual issued by a local code enforcement and inspection department allowing construction to begin. A copy should be forwarded to the Assessor. |
| Certification Date |
Date that the values of the tax roll are accepted by the Revenue Cabinet as being correct. |
| Condominium |
A special form of property ownership whereby the owner receives full property rights and interest in a specifically described part of the structure and an undivided interest in the common areas and land. This type of ownership requires a master deed conforming to local statutes. |
| Consideration |
The Sale Price officially recorded as the transaction price. |
| Deed |
The instrument normally used to convey rights in a parcel. |
| Deed Book and Page |
The location in the Clerks office where the recorded instruments can be found. |
| Deed-Quit Claim |
A form of conveyance by which any interest the Grantor may possess (which could be actually none) is transferred to the Grantee without warranty of title. |
| Deed Type |
Warranty, Quit Claim, Deed of Trust, Sheriff's Deed, Deed of Correction, Strawmans Deed, etc. |
| Easement |
The right held by one person to use the land of another for a specific purpose-sometimes ingress and egress or placing utility lines. |
| Effective Tax Rate |
Tax rate expressed as a percentage of Market Value, usually equal to the Nominal (actual) tax rate if the assessment ratio is near 1.00 |
| Equalization |
The process by which an appropriate governmental body attempts to ensure that all property within its jurisdiction is assessed at the same assessment ratio. |
| Exemption-Homestead |
Freedom from taxation on all or part of the value of the property due to age of the owner |
| Exemption-Disability |
Freedom from taxation on all or part of the value of the property due to total disability of the owner. |
| Fee Simple |
Complete interest in the property subject only to the governmental powers such as eminent domain. |
| GIS |
Geographic Information System-a digital base map system containing everything on the surface and underneath the surface of the earth on different layers. |
| Functional Obsolescence |
Loss in value of a property resulting from changes in taste, preferences, technical innovations or market standards. |
| Grantee |
One who acquires property by voluntary conveyance. |
| Grantor |
One who voluntarily conveys property. |
| GRM |
Gross Rent Multiplier |
| IAAO |
International Association of Assessing Officers |
| Legal Description |
A descriptive account of a parcel of land which sufficiently locates a parcel of land. |
| Levy |
The amount of money that any taxing entity may collect in order to fund its budget. |
| Market Value |
The most probable price that a property will bring in American dollars on the open market given a willing buyer and a willing seller and a reasonable length of time to market it with no undue stress. |
| Neighborhood |
A group of parcels having similar characteristics and economic factors and are usually contiguous and homogeneous. |
| Owner |
One who has dominion over property under the rules of law. |
| PIN |
Property Identification Number (Map number) |
| Plat |
A map that depicts the division of land into parcels. |
| Recording Date |
The date that an instrument was officially recorded in the proper government office. |
| Sale Price |
The reported consideration for the transfer of a property. |
| Split |
The process of creating new parcels from existing parcels. |
| Subdivision |
A tract of land that has been divided into marketable building lots. |
| Tax District |
An identifier for a unique set of taxing authorities which collect taxes from a group of parcels. |
| Title |
The official legal document which is accepted as proof of ownership. |
| Transfer |
Official change of ownership.
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| Zoning |
The exercise of the police power to restrict land owners as to the use of their land. |
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