Assessor II Glossary Flashcards
Ad valorem tax
In reference to property, a tax based upon the value of the property.
Annual Assessment Report (AAR)
A USPAP required report completed by the assessor for their client, the municipality, which explains how the assessor completed their assessment work for the year. This report must be completed within 30 days after the finaladjournment of the Board of Review.
Apportionment
A proportional distribution of the levy of a taxing jurisdiction amongmunicipalities based upon the value of the municipalities or parts of municipalities.
Assessed Value
A dollar amount assigned to the taxable property, both real (by parcel)and personal (by owner), by the assessor for the purpose of taxation. Assessed value isestimated as of January 1 and will apply to the taxes levied at the end of that year.Assessed value is called a primary assessment because a levy is applied directly against itto determine the tax due. Accurate assessed values ensure fairness between propertieswithin the taxing jurisdiction. (See Equalized value for fairness between municipalities).
<p>Assessment district</p>
<p>An assessor's jurisdiction; it may or may not be an entire tax district. Any subdivision of territory whether whole or part of a municipality where a separate assessment of taxable property is made. Such districts may be referred to as taxing districts, administrative districts, or special purpose districts. (See sec. 70.08, Wis. Stats.) </p>
<p>Assessment District</p>
<p>Any subdivision of territory whether whole or in part of a municipality in which a separate assessment of taxable property is made. Such districts may be referred to as taxation jurisdictions, administrative districts, special purpose districts. etc. (See sec. 70.08 Wis. Stats.) </p>
<p>Assessment Level</p>
<p>The relationship between the total assessed value and the equalized value of non-manufacturing property minus corrections for the prior year over and under charges within a municipality-town, village, or city. For example if the assessed value of all the property subject to property tax in the municipality is $2,700,000 and the equalized value in the municipality is $3,000,000 then the assessment level is said to be 90% ($2,700,000/$3,000,000 = .90 or 90%). </p>
<p>Assessment level</p>
<p>The ratio of the assessed value to the market value of all taxable property within a district (town, village, or city). For example if the assessed value of all the taxable property in Town ?A? is $2,700,000 and the market value of all taxable property in Town ?A? is $3,000,000 then the ?assessment level? is said to be 90%. </p>
<p>Assessment Ratio</p>
<p>The relationship between the assessed value and the fair market value For example, if the assessment of a parcel which sold for $150,000 (fair market value) was $140,000, the assessment ratio is said to be 93% (140,000 divided by 150,000). The difference in the assessment level and the assessment ratio is that the level typically refers to the taxation district; the ratio refers to the individual parcel. The assessment ratio does not apply to agricultural lands, agricultural forest, or undeveloped lands. </p>
Assessing
The act of valuing a property for the purpose of establishing a tax base.
Assessment roll
The official listing of all properties within a given municipality (Town,Village, City) by ownership, description, and location showing the corresponding assessedvalues for each.
The completed assessment roll is an official listing which contains owners and legaldescriptions of all real estate parcels and items of personal property within a taxationdistrict, acreages of most parcels, the statutory classification and assessed value, accordingto land and improvements, of general taxable parcels.
<p>Assessment year</p>
<p>The period of time during which the assessment of all properties within a given assessment district must be completed; the period between tax lien dates. </p>
<p>Assessor</p>
<p>The administrator charged with the assessment of property for ad valorem taxes; the precise duties differ from state to state depending upon state statutes. </p>
<p>Board of Review</p>
<p>A quasi-judicial board charged with the responsibility of raising orlowering assessments proven incorrect as well as correcting any errors in the assessment roll. </p>
<p>The Board of Review consists of a clerk and selected municipal officers (other than the assessor) or citizens. It hears all objections to the amount or valuation of property if objections are made in writing and filed with its clerk prior to adjournment of public hearings. The Board examines the assessment roll or rolls and corrects all apparent errors in description or computation, adds all omitted property to the assessment roll and determines whether an assessor's valuation is correct from evidence brought before it. The Board cannot determine exempt or taxable status of property. </p>
CDU rating
A composite rating of the overall Condition, Desirability and Usefulness of astructure as developed by the Cole-Layer-Trumble Company and it is used nationally as asimple, direct and uniform method of estimating accrued depreciation.
Certified Assessment Evaluator
A professional designation (CAE) conferred by theInternational Association of Assessing Officers (IAAO) upon qualifying individuals.
Certified property tax
An ad valorem property tax where the assessment ratio variesfor different property classes. This differs from state to state depending upon state statutes.
<p>Doomage assessment</p>
<p>The process of arriving at an assessment from the best information available when the assessor is denied the opportunity to physically inspect a property; making an assessment without actually viewing the property or receiving and/or accepting the taxpayer's declaration of personal property. </p>
Electronic Computer Exemption Report
The Electronic Computer Exemption Report was previously known as the Computer Exemption Report. The Computer ExemptionReport is an electronically filed report filed by the assessor with the Department of Revenue by May 1st. Amended filings can be submitted through September 1st. This report provides the value of all exempt computer and peripheral equipment, as its true cash value.
Equalized Value
The estimated value of all taxable real and personal property in eachtaxation district, by class, as of January 1 and certified by DOR on August 15 of each year.The value represents market value (most probable selling price), except for agriculturalproperty, which is based on its use (ability to generate agricultural income) and agriculturalforest and undeveloped lands, which are based on 50% of their full value.
Equalization
The process of establishing the January 1 market value (or use value foragricultural land) by class of real property and item of personal property for each taxationdistrict.
Equated Value
The dollar amount placed on individual parcels of manufacturingproperty in a taxation district for tax collection purposes. It is calculated by multiplying themarket value assessment of the property as determined by DOR times the assessment levelof all other property within the taxation district.
Equity
In reference to property taxes, a condition in which the tax load is distributedfairly (or equitably), based on the concept of uniformity provided in the state constitution (i.e. each person?s share of the tax is based on each property?s value compared to the total value of all taxable property). Typically, this would require periodic reviews of the assessments (local revaluations) to account for the constantly changing economic factorsimpacting property. In practical terms, you have equity in taxes when the assessed value ofeach property bears the same relationship to market or use value.
In reference to value, it is the owner?s financial interest in the property remaining afterdeducting all liens (including mortgages) and charges against it.
<p>Estimated Fair Market Value-As found on tax bills</p>
<p>The assessed value of each locally assessed parcel (except those including agricultural land) divided by the entire taxation district's level of assessment (titled average assessment ratio on the tax bill). Thi sestimate gives the property owner a basis for comparison of their perception of the markets. what is being used to base their share of taxes on. Since the level of assessment is an average for the taxation district, and there is naturally going to be some variance in the local assessor?s accuracy on every parcel. Minor differences between the estimated fair market value and the property owner?s opinion of value shouldn't raise concern. Large differences require further investigation. </p>
Tax sale
The sale of a taxpayer's property to collect delinquent taxes from the proceeds of the sale when the taxpayer has failed to redeem it within the statutory period.
Median
A measure of central tendency equal to that point in a distribution above which 50% of the values fall and below which 50% of the values fall. The 50th percentile is the 2ndquartile.
Multiple Regression analysis
A statistical technique for making statements as to the degree of linear association between a criterion (dependent) variable and one or more predicator (independent) variables; a simple linear regression having one independent variable, and multiple linear regression having more than one independent variable.
Bent
A transverse frame of a building designed to support either horizontal or vertical loads.
Beveled wood siding
Siding board of varying widths, with lower edge thicker than upper edge is covered by lower edge of board above. Types include Dolly Varden, and shiplap.
Board foot
A unit of measure represented by a board one foot long, one foot wide, and one inch thick, or 144 cubic inches.
Cornice
A projecting element at the top of a wall, serving principally as a decoration or as part of the coping.
Trim
(1) The wooden portions of a plastered room, such as the doors, windows, wainscotting, and molding, or the corresponding portions of a room finished otherwise than with plaster, (2) the contrasting elements on the exterior of a building which serve no structural purpose but are intended to enhance its appearance; e.g., the cornice, occasionally, the hardware of a house, such as locks, hinges, doorknobs, etc.
Truss
Any of various structural frames based on the geometric rigidity of the triangle and composed of members subject only to longitudinal compression and tension; rigid under anticipated loads, spans large area without interior support, i.e., Bowstring, Cambered,Flat Roof, Sawtooth, Scissors and Triangular.
Valley
A sloping line along which two roof surfaces meet to form an external angle or less than 180 degrees.
Waffle pan construction
Flat, reinforced concrete slab foundation with a grid of projections on its lower surface to give additional rigidity. Used when bearing capacity of soil is poor or not firm enough to support a plain flat slab foundation.
Access Rights
(1) The right of ingress to and egress from a property which abuts upon an existing street or highway. It is an easement in the street that is appurtenant to abutting property and is a private right as distinguishable from the rights of the public. It is well-established law in the United States that the right of access cannot be denied or unreasonably restricted unless other reasonable access is available or provided or compensation is awarded. (2) The right of a riparian owner to pass to and from the waters upon which the premises border.
Base price
A value or unit rate established for a certain specified model, and subject to adjustments to account for variations between that particular model and the subject property under appraisement.
Bearing
(1) The situation or horizontal direction of one point or object with respect to another, or to the points of the compass. (2) That portion of any member of a building that rests upon its supports.
Condemnation
The act of government (federal, state, county, municipal), and of duly authorized units of government and public utility companies invested with the right of eminent domain, to take private property for public use and benefit, upon the payment of just compensation. It is the act of the sovereign in substituting itself in place of the owner and/or the act of taking all or a part of the rights of an owner.
Condominium
A form of fee ownership of whole units or separate portions of multi-unit buildings by statute which provides the mechanics and facilities for formal filing and recording of a divided interest in real property, where the division is vertical as well as horizontal. Fee ownership of units in a multi-unit property and joint ownership of the common areas. Not to be confused with Cooperative.
Contour line
Outline of a figure, body, mass; lines representing such an outline as the edge of the water of a lake. A line on a topographic map or chart connecting the points on a land surface which have the same elevation.
Deed
A written instrument that conveys an interest in real property. A quit claim deed conveys the interest described therein without warranty of title. A trust deed conveys interest described therein to a trustee. A warranty deed conveys the interest described therein with the provisions that the freehold is guaranteed by the grantor, and the grantor's heirs or successors.
Delinquent taxes
Taxes remaining unpaid on and after a date upon which a penalty for nonpayment is normally attached.
Depreciation
Loss in value from all causes; may be further classified as physical,referring to the loss of value caused by physical deterioration; functional, referring to the loss of value caused by obsolescence inherent in the property itself; and economic, referring to the loss of value caused by factors extraneous to the property.
Accrued depreciation refers to the actual depreciation existing in a particular property as of a specified date.
Normal depreciation refers to that amount of accrued depreciation one would normally expect to find in buildings of certain construction, design, quality and age.
Design factor
A factor or multiplier applied to a computed replacement cost as an adjustment to account for cost variations attributable to the particular design of the subject property which were not accounted for in the particular pricing schedule used.
Deterioration
Impairment of structural condition evidenced by the wear and tear caused by physical use and the action of the elements, also referred to as physical depreciation.
Easement
A non-possessing interest held by one person in land of another person whereby the first person is accorded partial use of such land for a specific purpose. An easement restricts but does not abridge the rights of the fee owner to the use and enjoyment of the easement holder's rights. Easements fall into three broad classifications: surface easements, subsurface easements and overhead easements.
Economic obsolescence
Loss in value of a property (relative to the cost of replacing it with a property of equal utility) that stems from factors external to the property. For example, a buggy-whip factory, to the extent that it cannot be used economically for anything else, suffers substantial economic obsolescence since automobiles have replaced horse drawn buggies.