TERMS (MRPAAO, Mass Appraisal Guidebook, USPAP, IVS) Flashcards
during this era there was no real property tax in the Philippines
Spanish Era
During the encomienda system, taxes on land were levied primarily on the male tenant of ___ years old as
personal taxes or tributes rather than the real land taxes
16-60
regime that real property taxation in the Philippines was formally instituted
American
Act Nos. ___ of the Philippine Commission organized the
municipal and provincial governments, respectively. These laws authorized the municipality and the province to levy taxes on real properties.
82 and 83
Provincial and Municipal Board of Assessors were created under this law in each province and municipality
Act Nos. 82 and 83
On December 5, 1932, ___ “An Act Revising and Compiling the Assessment Laws” was passed, which in effect repealed, compiled and incorporated into a single Body all existing laws relating to the assessment and collection of real property taxes.
Act No. 3995
President Ferdinand E. Marcos initiated reforms in real property tax administration under ___
PD Nos. 25 and 76
___ entitled “The Real Property Tax Code” was promulgated as the law governing the Real Property Tax Administration in the Philippines.
PD 464
method of land valuation in the absence of vacant land sales,
whereby improvement values obtained from cost model are subtracted from sales prices of improved parcels to yield residual land value estimates
Abstraction Method
for newly-acquired machinery not yet depreciated and appraised
within the year of its purchase, refers to the actual cost of the machinery to its present owner, plus the cost of transportation, handling, and installation at the present site. The
cost may also include freight and insurance charges, brokerage, customs duties and taxes
Acquisition Cost
refers to the purpose for which the property is principally or predominantly utilized by the person in possession thereof
Actual Use
is defined as an act or fact in reality
Actually used
is defined as that use without anything intervening proximately or without
an intervening agency or person
Directly used
means the primary or inherent use and does not preclude such incidental uses as are directly connected with, essential to, and in furtherance of the
primary use
Exclusively used
is a levy on real property determined on the basis of a fixed proportion of the value of the property
Ad Valorem Tax
is land devoted principally to planting of trees, raising of crops, livestock and poultry, dairying, salt making, inland fishing and similar aqua cultural activities, and other agricultural activities, and is not classified as mineral, timberland, residential, commercial or industrial land
Agricultural Land
is the act or process of determining the value of a property as of a specific
date for a specific purpose
Appraisal
defined as the act of estimating the value of a property
Appraisal
It is an estimate or opinion of value, usually market value or value as defined by the appraiser
Appraisal
one who conducts appraisals; specifically, one who possesses the
necessary qualifications, ability and experience to execute or direct the appraisal of real or personal property
Appraiser/Assessor
a transaction freely arrived at in the open market, unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case of a transaction between related parties
Arm’s Length Transaction
is the act or process of determining the value of a property or proportion
thereof subject to tax, including the discovery, listing, classification and appraisal of properties
Assessment
is the percentage applied to the market value to determine the taxable value of the property
Assessment Level
is a means of assigning on every parcel of land and upon all taxable improvements on such lands, a current and fair market value, an assessment
level to be able to arrive at an assessed value for each land and each improvement
Assessment Operations
is the market value of the property multiplied by the assessment
level. It is synonymous to taxable value
Assessed Value
is a reference point from which the value of other similar properties is
measured
Benchmark
are permanent structures adhered to the land usually used for habitation ,
commercial and industrial purposes and for other various uses and not mere superimpositions on the land like a “barong barong” or quonset fixtures
Buildings
is the combination of rights associated with the ownership of real property, e.g., the right to use, to sell, to lease, to give away, or to exercise all of these rights
Bundle of Rights
is the process of converting into present value (or obtaining the
present worth of) a series of anticipated future periodic installment of net income
Capitalization
an open-sided roofed automobile shelter that is usually formed by an
extension of the roof from the side of a building
Carport
an “area or place where the dead are buried, a place of burial set apart
either by municipal authority or private enterprise for the internment of the dead, etc., and this includes whatever property is necessary for use of the cemetery such as paths, ornamentation and the land within the cemetery limits acquired for but not yet actually used for the burial of the dead
Cemetery
refer to any body of persons or trust established for charitable purposes such as (1) relief of poverty; (2) advancement of education; (3)
advancement of religion; and (4) other purposes of a charitable nature beneficial to the community.
Charitable Institutions
is a building set apart for public worship; a place of worship of any religion
Church
is property devoted principally for the object of profit and is not classified as agricultural, industrial, mineral, timberland, or residential property
Commercial Property
refers to a document accompanied by maps and all the taxable improvements on such lands, a current and fair market value, and assessment level to be able to arrive at an assessed value for each land and each improvement.
Comprehensive Land Use Plan
the increase in the value of the other interests of the property owner that can be attributed to the new use to which his former property will be put by the expropriating authority
Consequential Benefits
damages to other interests of the owner that can be attributed to the expropriation
Consequential Damages
a building including the land it actually occupies and the adjacent ground or
vegetable garden for the use of the parish priest in the ordinary life
Convent
is a duly registered association of persons with a common bond of
interest, who have voluntarily joined together to achieve a lawful common or social economic end, making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in accordance with universally
accepted cooperative principles
Cooperative
is the amount of money necessary to produce, create or manufacture an item of property
Cost
is also known as replacement or reproduction cost less depreciation
Cost Approach
Cost approach is based on the theory of
Substitution
encompasses all activities leading to the establishment and operationalization of a computer-assisted data base for Real Property Tax Administration (RPTA) among which includes the familiarization/training of key
personnel, encoding and validation of data acquisition and installation of standard RPTA system, generation of reports and preparation of complementary manual of procedures.
Data Computerization
is a loss in value brought about by physical deterioration and/or
obsolescence
Depreciation
is the value remaining after deducting depreciation from the
acquisition cost
Depreciated Value
is the estimated period over which it is anticipated that a machinery
may be profitably utilized
Economic Life
is the price at which a property may be sold by a seller who is not compelled to sell and bought by a buyer who is not compelled to buy
Fair Market Value/Market Value
a strip of land along the seashore, the use of which may or may not
be granted by the government to private persons or corporations
Foreshore Land
a building or compartment of a building used for housing an automotive
vehicle
Garage
value in use
Going Concern Value
the most probable use of a property which is physically possible, appropriately justified, legally permissible, financially feasible and which results in the highest value of the property being valued
Highest and Best Use
is land devoted to or cultivated for planting of vegetables, flowers and other ornamental plants
Horticultural Land
is a valuable addition made on the property or an amelioration in its
condition, which is more than a mere repair or replacement of parts involving capital expenditures and labor, intended to enhance its value, beauty or utility or to adapt it for
new or further purposes
Improvement
an appraisal technique used to estimate the market value of a
property on the basis of the income it produces or is capable of producing
Income Approach
is land devoted principally to industrial activity as capital investment and is not classified as agricultural, commercial, timber, mineral or residential land
Industrial Land
is the RPTA Information kit for the
use of LGU officials, assessors and treasurers in the RPTA Project
Information and Education Campaign (IEC)
described as the just and complete equivalent of the loss which
the owner of the thing expropriated has to suffer by reason of the expropriation
Just Compensation
refers to the manner of utilization of land, including its allocation,
development and management
Land Use
refers to the act or process of changing the current use of a piece of agricultural land into some other uses as approved by the Department of Agrarian Reform (DAR)
Land Use Conversion
embraces machines, equipment, mechanical contrivances, instruments,
appliances or apparatus which may or may not be attached, permanently or temporarily to the real property
Machinery
is a term applied to the type of forest occurring on tidal flat along
the seacoast, extending along stream where the water is brackish
Mangrove Land
a tract of low-lying land usually under water
Marsh Land
It is a process of analyzing sales
of similar recently sold properties in order to derive an indication of the most probable sale prices of the property being appraised
Market Data Approach
is the price agreed upon by the buyer and seller in the open market in
the usual and ordinary course of legal trade and competition
Market Value
is the process of valuing a group of properties as of a given date
using standard methodology, employing common data, and allowing for statistical
testing
Mass Appraisal
are lands exclusively used as burial ground and developed for profit
Memorial Parks
are lands in which minerals, metallic or non-metallic, exist in sufficient quantity or grade to justify the necessary expenditures to extract and utilize such materials
Mineral Lands
is an Islamic place of public religious worship
Mosque
is the classification and administration of all designated protected areas to maintain essential ecological processes and life-support system, to preserve genetic diversity, to ensure sustainable use of resources of forest therein, and to maintain their natural condition to the extent possible
National Integrated Protected Areas Systems (NIPAS)
is a cemetery owned and operated by the government, by religious corporations, by associations and societies exclusively for its members and not for profit
Non-Profit Cemetery
is land specifically devoted to various fruit trees and plants
Orchard
is ministerial residence used in connection with any place of worship of
any denomination. It shall include the house appurtenant to a cathedral, to a synagogue, or to a country-meeting house
Parsonage
means public usefulness, utility, or advantage, or what is productive of
general benefit, so that any appropriating of private property by the State under its right of eminent domain, for purposes of great advantage to the community
Public Use
the physical land and all those items, which are attached to the land. It is the physical, tangible entity which can be seen and touched, together with all the additions on, above, or below the ground
Real Estate
includes all the rights, interests, and benefits related to the ownership
of real estate
Real Property
involves collection of all real property
taxes and penalties due and payable to the local government unit (LGU) through the positive and total enforcement of tax laws and their penal provisions
Real Property Tax Collection Operations
is the assigning of new assessed values to property, particularly real estate, as the result of a general, partial, or individual reappraisal of the property
Reassessment
is the establishment and maintenance of permanent official records and files in the office of the Provincial, City or Municipal Assessor so that an updated and regular listing of all properties is readily available.
Records Conversion and Management
refers to the act of specifying how
agricultural lands shall be utilized for non-agricultural uses such as residential, commercial or industrial, as embodied in the land use plan
Reclassification of Agricultural Lands
means a use of such property by a religious society or body of
persons as a stated place for public worship, Sunday schools and religious instructions
Religious Purpose
is the value corresponding to the remaining useful life of the
machinery
Remaining Value
is the cost of constructing a similar property which is equally desirable and has the same utility as the one under appraisal
Replacement Cost
is the cost of constructing an exact replica of the building being appraised based on current prices of labor and materials and contractor’s practices
Reproduction Cost
is land principally devoted to habitation
is land principally devoted to habitation;
are those machines, equipment, appliances or apparatus permanently attached to residential land and/or buildings
Residential Machinery
used by religious organization as a place for public worship and
the education for men for priesthood which mainly involves religious instructions, is deemed considered used for religious purposes
Seminary Building
all lands, buildings, and other improvements thereon actually, directly and exclusively used for hospitals, cultural, or scientific purposes, and those owned and used by local water districts, and government owned or
controlled corporations rendering essential public services in the supply and distribution of water and/or generation and transmission of electric power
Special Classes of Real Property
refers to selected areas which have the potential to be developed into agro-industrial, industrial, tourist/recreational, commercial, banking, investment and financial centers
Special Economic Zones
are properties, which are designed, constructed and developed for a specific use or purpose
Special Purpose Properties
refers to housing programs and projects covering houses and lots
or home lots only undertaken by the government or the private sector for the underprivileged and homeless citizens which shall include sites and service developments, long-term financing, liberalized terms on interest payments, and such other benefits in accordance with R. A. 7279
Socialized Housing
is a graphic representation of a portion of the earth’s surface drawn to scale
on standard size drawing material, having property lines and jurisdictional boundaries delineated showing all parcels of real property and identifying each separate real property ownership by a unique number.
Tax Map
is a highly accurate method of field operations for identifying real
property units, defining property boundaries, determining actual use, and discovering undeclared properties for taxation purposes
Tax Mapping
is land identified as forest or reserved area by the government, which
may or may not be granted to a concessionaire, licensee, lessee or permitee
Timberland
refer to specific sites for tourism development located in areas identified as priorities in the national and regional tourism master plans, as well as those designated through legislation and executive issuances as tourist zones which can be developed into tourism estates or integrated resort, leisure and recreation complexes, and other tourism-related facilities
Tourism Development Areas
is the period of time over which the property may reasonably be expected
to perform the function for which it was designed or intended
Useful Life
the capacity of an economic good to satisfy human desires or needs
Utility
the date the conclusion or opinion rendered in an appraisal is
applicable and valid
date of valuation
the relationship between a thing desired and a potential purchaser
value
refers to the present worth of future benefits arising out of ownership of property
value
exists when an item of property has utility, is relatively scarce, arouses the desire of potential buyer to buy and is backed by the purchasing power
value
refers to a catchments area or drainage basin from which the water of a
stream or stream system is drawn
Watershed
is the delineation/division of a city/municipality into functional zones where only specific land uses are allowed
Zoning
It directs and regulates the use of all lands in the community in accordance with an approved or adopted land use plan for the city/municipality. It prescribes setback provisions, minimum lot sizes, building heights
and bulk
zoning
refers to a local legislation approving the development control/zoning plan and providing for the regulations and other conditions on the uses of land
Zoning Ordinance
maps of surveys conducted for extensive areas consisting of several lots for cadastral registration proceedings, or for purposes of locating property lines and improvements, and are primarily in connection with the extent and ownership of land
Cadastral Land Survey Maps
maps of surveys conducted for isolated parcels of land used for agricultural, residential, industrial, commercial, resettlements or other purposes
Isolated Land Survey Maps
maps of surveys conducted for converting graphical cadastral lots computed and plotted in a system of the cadastral project
Conversion Survey Maps
maps of surveys conducted for extensive areas that take into account the curvature of the earth
Geodetic Land Survey Maps
maps showing the topography by contour lines of lands vacant or under water or covered by man-made structures
Topographic Maps
angles measured from the north and the south towards the east or the west
bearing
clockwise angle measured from some reference line, usually a meridian
Azimuth
