|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.
|911 address-physical location; mailing address-owners location
|Property interest in the space beginning a specified distance above the surface level of a parcel and extending for a specified distance
|The informal or formal action by an owner of a parcel to seek a change in the assessed value of the parcel
|The specific time period during which owners may file a formal appeal if they desire to contest the assessed value of a parcel.
|The date upon which an official value estimate was made for the parcel.
|See valuation process
|The act of estimating the value of a parcel
|The value resulting from the act of appraising
|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.
|See Assessed Value
|The grouping of parcels according to use. That is R-Residential, C-Commercial, F-Farm.
|January 1 for Real Estate
|The Assessed values of sold parcels is compared to the selling price to gain an indication of the level of assessment.
|The official communication (legal notice) to the owner of a parcel stating the assessed value of his parcel.
|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.
|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.
|A document usual issued by a local code enforcement and inspection department allowing construction to begin. A copy should be forwarded to the Assessor.
|Date that the values of the tax roll are accepted by the Revenue Cabinet as being correct.
|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.
|The Sale Price officially recorded as the transaction price.
|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.
|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.
|Warranty, Quit Claim, Deed of Trust, Sheriff’s Deed, Deed of Correction, Strawmans Deed, etc.
|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
|The process by which an appropriate governmental body attempts to ensure that all property within its jurisdiction is assessed at the same assessment ratio.
|Freedom from taxation on all or part of the value of the property due to age of the owner
|Freedom from taxation on all or part of the value of the property due to total disability of the owner.
|Complete interest in the property subject only to the governmental powers such as eminent domain.
|Geographic Information System-a digital base map system containing everything on the surface and underneath the surface of the earth on different layers.
|Loss in value of a property resulting from changes in taste, preferences, technical innovations or market standards.
|One who acquires property by voluntary conveyance.
|One who voluntarily conveys property.
|Gross Rent Multiplier
|International Association of Assessing Officers
|A descriptive account of a parcel of land which sufficiently locates a parcel of land.
|The amount of money that any taxing entity may collect in order to fund its budget.
|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.
|A group of parcels having similar characteristics and economic factors and are usually contiguous and homogeneous.
|One who has dominion over property under the rules of law.
|Property Identification Number (Map number)
|A map that depicts the division of land into parcels.
|The date that an instrument was officially recorded in the proper government office.
|The reported consideration for the transfer of a property.
|The process of creating new parcels from existing parcels.
|A tract of land that has been divided into marketable building lots.
|An identifier for a unique set of taxing authorities which collect taxes from a group of parcels.
|The official legal document which is accepted as proof of ownership.
|Official change of ownership.
|The exercise of the police power to restrict land owners as to the use of their land.