Glossary of Terms

Ad valorem tax
A tax levied against taxpayers in proportion to the value of those items being taxed. Exclusive of exemptions, use-value assessment laws, and the like. The property tax is an ad valorem tax.

Assessed Value
Value placed upon property for property tax purposes before deductions for partial exemptions.

Effective Depth
The useful depth of the site, as measured perpendicular to the frontage.

Exempt Value
Value that is not subject to ad valorem taxation. Value that is free or released from a duty or liability to which others are held.

Exemption
Freedom from payment of some or all property or other taxes, granted to Religious, educational, and similar senior citizens.

Frontage
The linear measurement along the front of a parcel, that is, the portion facing a road, waterway, etc. that would be considered the most valuable measurement of the property.

Improvement
Anything done to raw land with intention of increasing its value. Thus a structure erected on the property constitutes one very common type of improvement, although other actions, such as those taken to improve drainage are also improvements.

Legal description
A statement in words or codes identifying land. The description may be in metes and bound or may simply reference plats.

Market Value
The most probable price in terms of money that a property will bring in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for sale, and assuming that the price is not affected by undue stimulus.

Multi-parcel sale
Sale that involves more than one parcel.

Neighborhood
A geographic area (in which there are typically fewer than several thousand properties) defined for some useful purpose, such as toensure that the properties are homogeneous and share important locational characteristics.

Parcel
A contiguous area of land described in a single description or as one of a number of lots on a plat; separately owned, either publicly or privately; and capable of being separately conveyed.

Property Tax
Generally, A tax levied on both real and personal property. The amount of the tax is dependent on the value.

Real Estate
Land, the improvements to land, and the improvements attached to the land.

Real Property
The interest owned in real estate and the rights and benefits that accompany such ownership.

SFLA
Base area plus other areas considered to be some form of living area.

Tangible
Everything other than real estate that has value by itself. It includes Personal such things as furniture, fixtures, tools, machinery, signs, equipment, Property and any other equipment used in a business or to earn income.

Taxable Value
Value of a property for tax purposes after the deduction of any exemptions.

Last Updated: 6/8/2009
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