Term
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Definition
| the right of any person to possess, use, enjoy, and dispose of a thing. Concept is commonly referred to as the bundle of rights. A term that expresses a relationship between persons and their rights of possession. |
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Term
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Definition
| the sum of tangible and intangible rights in land and improvements on the land. Refers to the rights, benefits, and interest inherent in ownership of real estate. |
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Definition
| the physical land and everything permanently attached to it. |
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Term
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Definition
| any property that is not realty; it is all movable items not permanently affixed to or part of the real estate, also known as personalty or chattels. |
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Term
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Definition
| used to distinguish between real property and personal property. |
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Term
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Definition
| actual physical property. |
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Term
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Definition
| evidence of ownership of property rights. Ex. notes mortgages, copyrights, leaseholds, patent rights, deeds of trust, computer software, and stock certificates. |
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Term
| Due to diverse nature of personal property, most jurisdictions find it expedient to combine tangible personal property into various categories such as: |
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Definition
1.- furniture, fixtures, & equipment
2.- machinery
3.- inventory
4.- livestock |
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Term
| "Soldiers and Sailors Civil Relief Act of 1940" |
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Definition
| provides military personnel, while on active duty and stationed away from their permanent homes, may yet enjoy the full rights and responsibilities of citizenship in their home states, counties, and cities. |
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Term
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Definition
| courts have not agreed on the definition of this term |
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Term
| The assessor carries out the following functions in preparing the assessment roll: |
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Definition
1.- discovery and identification of property
2.- inventory of property
3.- determination of extent of taxability (situs)
4.- classification (real, personal, exempt, etc.)
5.- estimation of market value of property (appraisal)
6.- calculation of assessed value of property
7.- preparation of assessment roll
8.- notification to owners of assessed value
9.- defense of value estimates on appeals |
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Term
| Inventory (personal property) |
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Definition
| goods held for resale, raw materials, goods in process, finished goods, supplies, consigned goods, bill and hold goods, floor planned goods, and in-transit goods. |
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Term
| Intangibles (personal property) |
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Definition
| (having no intrinsic marketable value), such as stocks, bonds, notes, mortgages, royalties, checking and savings accounts, cash on hand, accounts receivable, court judgements, goodwill, patents, and franchises. |
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Term
| Fixed Assets (personal property) |
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Definition
| such as signs; storage tanks; expensed equipment; automotive equipment; leasehold improvements; machinery and equipment; furniture and fixtures; leased or rented items; construction in process; small or "perishable" tools; tools, dies, jigs and patterns, etc. |
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Term
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Definition
| the appropriate location of property for assessment and taxation purposes, is an especially important issue in personal property taxation. (location, location, location) |
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Term
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Definition
| property more or less permanently located at a business premise, is always subject to taxation where located. |
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Term
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Definition
| according to statues, transitory or movable property such as boats, vehicles, aircraft, mobile homes, and construction equipment has to have a more or less permanent situs from which it operates. |
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Term
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Definition
| property moving interstate by common carrier or some private means of conveyance is generally covered by federal Interstate Commerce Commission (ICC) regulations and cannot be taxed by the assessor. |
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Term
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Definition
| the property tax is proportional to market value: the more a property is worth on the market, the greater the proportion of tax levied against it. |
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Term
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Definition
| based on the spending requirements of a local tax district, in the form of a budget, and the total assessed value of taxable property within the district. |
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Term
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Definition
| is the relationship between an object desired and a potential owner. |
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Term
| Value (assessment purposes) |
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Definition
| the present worth of future benefits arising from the ownership of real or personal property. |
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Term
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Definition
| that amount actually paid or about to be paid in a particular transaction. |
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Term
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Definition
| most probable price expressed in monetary terms that a property would bring if exposed for sale in the open market in an arm's length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which it is adapted and for which it is capable of being used. |
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Term
| For a property to have value, it must have: |
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Definition
1.- utility
2.- scarcity
3.- desirability
4.- transferability |
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Term
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Definition
| desirability must be bacled up by purchasing power (the ability to pay). |
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Term
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Definition
| refers to the production and distribution stages of a product. |
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Term
| There are 3 distinct levels of trade: |
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Definition
1.- manufacturing level
2.- wholesale level
3.- retail level |
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Term
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Definition
| an amount added to a cost's price in calculating a selling price to account for overhead and profit. Mark-up may include freight, handling, display, warehousing, sales commissions, profit, etc, which are normal business expenses in merchandising. |
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Term
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Definition
| is the calue of property for a specific use. It embodies that an object's value is related to its use. |
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Term
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Definition
| is the amount an informed purchaser would offer in exchange for property under even market conditions. It's market determined, based on comparison to other substitiute goods and services in a competitive open market. |
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Term
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Definition
| each item of property should be assessed as though it were being put to its perceived most profitable use given probable legal, physical, and financial constraints. |
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Term
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Definition
| the market value of property depends on the amount that would be purchased as compared to the amount offered for sale in a given period at different prices. An increase in supply will lower prices; an increase in demand will increase prices. Supply and demand are affected by social trends, government policy, and economic forces. |
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Term
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Definition
| holds that the future, not the past, is of prime importance in estimating value because the factors that once influenced supply and demand alter over time. |
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Term
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Definition
| maintaining that all markets have a tendency to move toward an equilibrium after a change occurs in factors influencing supply or demand. |
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Term
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Definition
| the rational buyer will pay no more for a property than the cost of a reasonably similar alternative. |
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Term
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Definition
| the value of a part of the property is determined by how much it contributes to the value of the entire property--not by its cost alone. |
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Term
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Definition
| the potential to make a profit or get a bargain attracts new suppliers and sellers. |
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Term
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Definition
| market value is affected by future benefits that the market expects to be derived from a property. |
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Term
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Definition
| the value of a property depends in part on its compatibility with its surroundings. |
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Term
| Increasing and Decreasing Marginal Returns |
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Definition
| when improvements are added to a property, future benefits will increase up to a certain point, after which the addition of improvements will have a diminishing effect or even decrease value. |
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Term
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Definition
1.- definition of the problem
2.- preliminary survey and planning
3.- data collection and analusis
4.- application of data
5.- reconciliation and final value estimate |
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Term
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Definition
| the valuation of many properties as of the same given date, using a standard procedure. |
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Term
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Definition
| or single-property appraisal, the the valuation of a particular property at a particular date. |
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Term
| Four majpr categories of personal property: |
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Definition
1.- Inventories
2.- Fixed Assets
3.- Leasehold Improvements
4.- Intangibles |
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Term
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Definition
1.- Goods Held for Sale (Resale)
2.- Raw Materials
3.- Goods in Process
4.- Finished Goods
5.- Supplies
6.- Consigned Goods
7.- Good & Hold Goods
8.- Floor Planned Goods
9.- In Transit goods |
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Term
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Definition
1.- Machinery & Equipment
2.- Furniture & Fixtures
3.- Trade Fixtures
4.- Aircraft, Motor Vehicles, Mobile Homes, & Boats
5.- Leased Equipment
6.- Construction in Progress
7.- Tools, Dies, and Jigs |
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Term
| Intangible Personal Property |
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Definition
1.- Copyrights
2.- Patents
3.- Franchises
4.- Goodwill |
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Term
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Definition
| securities that represent an ownership interest in a corporation; holders receive dividends, when paid, only after the obligations of floating debt, bond interest and preferred stockholders are met. |
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Term
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Definition
| securities that give the holder the privilege of being issued dividends before any common stockholder and also preference in regard to liquidation. |
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Term
| Restricted or Lettered Stock |
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Definition
| stock brought under agreement to hold for investment purposes which cannot be sold for a specified time. |
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Term
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Definition
companies whose objectives are to yield the highest rate of return by investing in the most financially sound stocks, bonds, etc., for either short-term or long-term growth. There are two types of funds:
1.- Stock Fund: an investment company which sells its own stock and purchases a diversified portfolio of securities with the proceeds. The company pays dividends on its stock to the stock owners.
2.- Trust Fund: an investment company structured under the Massachusetts trust Laws which issues certificates on units of trust and maintains a diversified portfolio of securities (Corpus) with the proceeds. The trust pays interest directly to the investor. |
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Term
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Definition
| contracts that give the holder the right to buy or sell stock at a set price on or before a specified date. |
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Term
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Definition
| certificates issued by a corporation that represent the right to subscribe to new stock when issued. |
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Term
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Definition
| the process where by the assessor identifies all taxable property in the jurisdiction and ensures that it is included on the assessment roll. |
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Term
| Three major areas should be considered in a discovery program: |
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Definition
1.- Methods of discovery
2.- Interpretation of data
3.- Situs |
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