Chapter 4 Flashcards
A tax levied as a percentage of the value of the taxed item
Ad Valorem Tax
The estimated value of a property for tax purposes
Assessed Value
The process of estimating the market value for all properties within a property tax jurisdiction
Assessment
The fraction used to determine assessed value from market value
Assessment Ratio
Regulations that establish standards for the construction of new buildings and the alteration of existing ones
Building Codes
Zoning regulations that control the percentage of lot area that may be occupied by buildings
Bulk Limitations
A statement of land use policies that shape the future development of a community
Comprehensive General Plan
The government’s power to take private property for public use upon payment of just compensation
Eminent Domain
The government’s right to own real estate following the owner’s death in the absence of a valid will or legal heirs
Escheat
An amount that is subtracted from taxable value to provide tax relief for certain types of property owners
Exemptions
Relationship between the total floor area of a building and the total area of a site
Floor-Area Ratio
Regulations governing the maximum height of a building in feet or stories
Height Limitations
Fees charged to developers to raise funds for expansion of public facilities needed as a result of the new development
Impact Fees
A technique to relate permitted uses of land to certain performance standards
Impact Zoning
A practice used by communities to encourage developers to provide certain publicly desired features in their developments in exchange for relaxed enforcement of the zoning code
Incentive Zoning
Extent to which land in a particular zone may be used for its permitted purposes
Intensity of Use
A lawsuit initiated by a property owner to force the government to purchase a property whose value has been diminished by a governmental action
Inverse Condemnation
The amount that must be paid a landowner when property is taken under eminent domain
Just Compensation
A requirement that developers donate property to the community for public use as a condition for obtaining development approval
Mandatory Dedication
The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby
- Buyer and seller are typically motivated;
- Both parties are well informed or well advised and acting in what they consider their best interests;
- A reasonable time is allowed for exposure in the open market;
- Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
- The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions by anyone associated with the sale
Market Value
The tax rate imposed on property owners, expressed as the dollars of tax for each $1,000 of property value
Millage Rates
The minimum lot size allowed by zoning or other land-use regulations
Minimum Lot Sizes
A use of land that does not conform to the current land-use controls imposed by the government
Nonconforming Use
Regulations that restrict land-use based on the environmental carrying capacity of the site
Performance Zoning
A type of zoning that may allow waivers of certain bulk and use regulations
Planned Unit Developments
The government’s power to regulate the way private property is used to protect the health, safety, morals, and general welfare of the public
Police Power
The amount of distance between the property border and the location of the structure
Setback Requirements
The standards and procedures that regulate the subdivision of land for development and sale
Subdivision Regulation
Assessed value for property taxes less exemptions
Taxable Value
The right to sell one’s ability to develop a property to another property owner who desires a more intense use of the second property
Transferable Development Rights
The process of dividing a community’s land into districts in which only certain uses of the land are allowed
Zoning
Administrative relief that allows an owner to deviate slightly from a strict interpretation of the zoning ordinance
Zoning Variance
