Chapter 4

Question 1

A tax levied as a percentage of the value of the taxed item

Answer 1

Ad Valorem Tax

Question 2

The estimated value of a property for tax purposes

Answer 2

Assessed Value

Question 3

The process of estimating the market value for all properties within a property tax jurisdiction

Answer 3

Assessment

Question 4

The fraction used to determine assessed value from market value

Answer 4

Assessment Ratio

Question 5

Regulations that establish standards for the construction of new buildings and the alteration of existing ones

Answer 5

Building Codes

Question 6

Zoning regulations that control the percentage of lot area that may be occupied by buildings

Answer 6

Bulk Limitations

Question 7

A statement of land use policies that shape the future development of a community

Answer 7

Comprehensive General Plan

Question 8

The government’s power to take private property for public use upon payment of just compensation

Answer 8

Eminent Domain

Question 9

The government’s right to own real estate following the owner’s death in the absence of a valid will or legal heirs

Answer 9

Escheat

Question 10

An amount that is subtracted from taxable value to provide tax relief for certain types of property owners

Answer 10

Exemptions

Question 11

Relationship between the total floor area of a building and the total area of a site

Answer 11

Floor-Area Ratio

Question 12

Regulations governing the maximum height of a building in feet or stories

Answer 12

Height Limitations

Question 13

Fees charged to developers to raise funds for expansion of public facilities needed as a result of the new development

Answer 13

Impact Fees

Question 14

A technique to relate permitted uses of land to certain performance standards

Answer 14

Impact Zoning

Question 15

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

Answer 15

Incentive Zoning

Question 16

Extent to which land in a particular zone may be used for its permitted purposes

Answer 16

Intensity of Use

Question 17

A lawsuit initiated by a property owner to force the government to purchase a property whose value has been diminished by a governmental action

Answer 17

Inverse Condemnation

Question 18

The amount that must be paid a landowner when property is taken under eminent domain

Answer 18

Just Compensation

Question 19

A requirement that developers donate property to the community for public use as a condition for obtaining development approval

Answer 19

Mandatory Dedication

Question 20

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

1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised and acting in what they consider their best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
5. 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

Answer 20

Market Value

Question 21

The tax rate imposed on property owners, expressed as the dollars of tax for each $1,000 of property value

Answer 21

Millage Rates

Question 22

The minimum lot size allowed by zoning or other land-use regulations

Answer 22

Minimum Lot Sizes

Question 23

A use of land that does not conform to the current land-use controls imposed by the government

Answer 23

Nonconforming Use

Question 24

Regulations that restrict land-use based on the environmental carrying capacity of the site

Answer 24

Performance Zoning

Question 25

A type of zoning that may allow waivers of certain bulk and use regulations

Answer 25

Planned Unit Developments

Question 26

The government’s power to regulate the way private property is used to protect the health, safety, morals, and general welfare of the public

Answer 26

Police Power

Question 27

The amount of distance between the property border and the location of the structure

Answer 27

Setback Requirements

Question 28

The standards and procedures that regulate the subdivision of land for development and sale

Answer 28

Subdivision Regulation

Question 29

Assessed value for property taxes less exemptions

Answer 29

Taxable Value

Question 30

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

Answer 30

Transferable Development Rights

Question 31

The process of dividing a community’s land into districts in which only certain uses of the land are allowed

Answer 31

Zoning

Question 32

Administrative relief that allows an owner to deviate slightly from a strict interpretation of the zoning ordinance

Answer 32

Zoning Variance