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Definitions (136)
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abatement
An official reduction or invalidation of an assessed valuation after the initial assessment for ad valorem taxation has been completed.
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acre
A land measure equal to 43,560 square feet.
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ad valorem tax
A real estate tax based on the assessed value of the property, which is not necessarily equivalent to its market value.
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amenity
A tangible or intangible benefit of real property that enhances its attractiveness or increases the satisfaction of the user, but is not essential to its use. Natural amenities may include a pleasant location near water or a scenic view of the surrounding area; man-made amenities include swimming pools, tennis courts, community buildings, and other [..]
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appraisal
1. An analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate; 2. The act or process of estimating value; an estimate of value.
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approaches to value
Systematic procedures used to derive value indications in real property appraisal. (See also: cost approach, income capitalization approach, sales comparison approach, below.)
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arbitration
A process in which one or more individuals are selected by opposing parties to settle a dispute outside of court. The decision of an arbitrator is generally binding.
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arm's-length transaction
A transaction between unrelated parties under no duress.
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assess
1. To estimate property value as a basis for taxation; 2. To fix or determine, e.g., by a court or commission, the compensation due a property owner for the taking of real property.
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