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.

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.

Zoning

The exercise of the police power to restrict land owners as to the use of their land.