|
Acre |
| A parcel/plot of land equal to 43,560 square feet |
|
Appeal |
A process in which a property owner contests an assessment
In Georgia, property owners may appeal on taxability,
uniformity of assessment and value. |
| Appraisal |
| The process of developing an opinion of value |
| Arbitration Appeal |
|
An alternative appeal process established to settle a dispute outside of court using an arbitrator(s) |
| Assessed Value |
| A value set on real and personal property by a government as a basis for levying taxes. |
| Assessment |
The official valuation of property for ad valorem taxation.
In Georgia, the assessed level is 40% of the appraised value. |
| Assessor |
| The head of an assessment agency (Board to Tax Assessors)
that collectively discovers, lists, and values real estate for ad valorem taxation |
| Board of Equalization (BOE) |
|
A public body charged with the duty of hearing and deciding appeals taken by taxpayers
on assessments established by the Board of Assessors (or other body other than the courts). |
| Common Area |
|
The total area within a property that is not designed for sale or
rental but is available for common use by all owners/tenants; e.g..,
parking lots, sidewalks, malls, etc. |
| Comparables (COMPS) |
|
Similar property sales, rentals, or operating expenses used for comparison in the valuations
(appraisal) process; also referred to as comps. |
| Condition |
|
The physical condition of a structure due to change since its origination |
| Condominiums |
|
A multi-unit property in which persons hold fee similar title
to individual units and an undivided interest in common areas |
| Deed |
|
In real estate, the legal document recorded to show ownership of real estate |
| Deed Book & Page |
|
The official book and page in which the real estate deed is recorded |
| Economic Obsolescence |
|
A loss in value due to a negative influence from factors external to the property |
| Freeport Eexmption |
|
The portion of personal property exempted from taxation; e.g.,
Raw Materials and Goods in Process, Finished Goods, and Out of State Shipments. |
| Functional Obsolescence |
| The depreciation of a property resulting from deficiencies
or inadequacies in the structure |
| Hearing Date |
| This is the date set by the Board of Equalization to hear the appeal
or scheduled date for appearance in Superior Court |
| Industrial |
|
Land and/or improvements that can be adapted for industrial use |
| Miscellaneous Improvement |
|
That portion of real estate with improvements not including the main building; e.g.,
asphalt paving, outbuildings, sheds, storage buildings, etc. |
| Neighborhood |
| A group of complimentary/comparable land uses such as buildings
or businesses used for valuation of like properties. |
| Property Class |
| The State of Georgia stratification code used
to group like properties for purposes of analysis. |
| Sale Date |
|
The official date recorded on a deed when property was transferred |
| Sale Transfer Code |
|
The legal code recorded with the transfer of property indicating
the condition under which the property changed ownership |
| Sales Instrument |
|
The legal description/document of the type of deed between purchaser and buyer |
| Situs |
|
The physical location of the property |
| Subdivision |
|
A tract of land that has been divided into lots or blocks with other facilities appropriate to
its development as residential, commercial, or industrial; e.g., streets, roadways, open area, etc. |
| Topography |
|
The relief features or surface configurations of an area; e.g., hills, valleys, slopes, lakes, rivers, etc. |
| Zoning Code |
|
A code used to designate the public regulation of the character
and extent of real estate restricting its use and development. |
| Warranty Deed |
|
A deed that conveys to the grantee title to the property free
and clear of all encumbrances, except those specifically set forth in the document.
|
