An ad valorem tax is a tax based on the assessed value of an item such as real estate or personal property. This term is commonly used in the contexts of property tax, real estate transactions, and import duties.
A board of equalization is a governmental body tasked with ensuring property assessments for tax purposes are fair and equitable. These boards are pivotal in balancing the property tax system to avoid over- or under-taxation.
A Cadastral Map is a legal map utilized for recording and determining the ownership of properties. It provides detailed information about the boundaries and ownership of each parcel of land.
Computer-Assisted Mass Appraisal (CAMA) refers to proprietary software designed to rapidly appraise one or more real properties. This software varies in complexity, from simple percentage increases in property values to sophisticated statistical models that evaluate comparable properties.
Depreciated cost, also known as book value or adjusted tax basis, represents the value of a property after accounting for depreciation – the gradual reduction in the value of an asset over time. This figure is used in financial reporting and tax assessments to reflect the lowered worth of a property due to wear and tear, deterioration, or obsolescence.
Equal and Uniform Taxation is a principle asserting that all individuals and property within the same class must be treated equally, with the same rate and value applied to property being taxed.
Equalization ensures that property taxes are assessed fairly across properties with similar market values, helping maintain tax consistency within a given area or class of properties.
Mass appraising involves assessing groups of properties to estimate their values using sophisticated statistical methods, often employed by tax authorities for property tax assessments.
The millage rate is a tax rate applied to property, where each mill represents $1 of tax assessment per $1,000 of assessed property value.
A Parcel Identification Number (PIN), also known as an Assessor Parcel Number (APN), is a unique numerical identifier assigned by local tax assessors to uniquely identify a parcel of real estate.
A government levy based on the market value of privately owned property, commonly referred to as ad valorem tax or real estate tax.
A retrospective appraisal estimates the value of a property at a specific point in the past, often for purposes such as tax assessments, legal disputes, or historical analysis.
Tax assessment is the valuation of real estate property by a government entity to determine the property's tax liability. The assessed value is used to calculate the property taxes owed by the property owner.
The tax rate is the ratio of a tax assessment to the amount being taxed and is a crucial factor in determining the tax liability of property owners. This rate can vary widely based on location and the type of tax being applied.
