| Ad Valorem |
According to value. |
| AG (Agricultural) use |
Land devoted to the production of plants,
animals, or horticultural products regardless of whether it is
located in the unincorporated area of the county or within the
corporate limits of a city. |
| Appraised value (Market value) |
Market value is defined as the amount of money
a well-informed buyer would pay and a well-informed seller would
accept for property in an open and competitive market without
any outside influence. The 100% value of a property. |
| Assessment |
The act, process or an instance of estimating
the value of property for taxation. |
| Assessment date |
The date as of which the assessments for a tax
year are made. In Kansas that date is January 1. |
| Assessment percentage |
The percentage that is multiplied against the
appraised value of property to arrive at the assessed value. |
| Assessment role
|
A list, maintained by the County Clerk, of all
taxable property, the appraised value and the assessed value of
the property and the owner of record. |
| Assessed value |
Appraised value times assessment percentage.
The value on which money needed for local government services,
special assessments and public schools is allocated among
property owners. |
| CAMA |
(Computer Assisted Mass Appraisal) – A
computerized system designed to aid in the valuation of
property. |
| Classification |
Segregating property into two or more classes
for the application of different tax rates. |
| Comparable sales approach |
Using sale prices of similar properties to the
one being appraised (subject and adjusting for the differences
to arrive at an indicated value for the subject property. |
| Comparable sales sheet |
This document shows the subject property and
the three to five comparable sales considered to value the
property in the comparable sales approach. It contains a
breakdown of various physical characteristics that are used for
comparison purposes. Because this document contains sales
information, it is available only to those individuals
identified by statute or a property owner if considering an
appeal. |
| Cost approach |
Land value plus the depreciated value of all
improvements. |
| Income approach |
Based on the concept that current value is the
present worth of future benefits. A method of deriving an
indication of property value by converting anticipated benefits
into value. |
|
Inventory
contents sheet (ICS) |
This
document, also called an ICS, contains all of the property
characteristics for an individual parcel of property. |
| Mill Levy |
One mill is one dollar of $1,000 of assessed
value. The mill levy for local governing bodies is determined
by dividing the local government budget by the taxable assessed
value in the district. |
| Modeling |
Comparable sales, cost, income – The detailed
study of the relationship between the amount paid by the buyer
of a property and the various characteristics that make up the
property. This set of relationships is then used to predict the
most probable selling price for a property not yet on the
market. |
| Neighborhood |
A geographic area that has a direct and
immediate effect on the value of a property. |
| Parcel |
A contiguous area of land within a mile section
under one ownership that can be included under one property
description for assessment or appraisal purposes. |
|
Personal Property
|
Every tangible item, which is the subject of
ownership that is not, classified as real property. |
| Real Property |
Land and all buildings, fixtures, improvements,
etc. |
| Sales ratio |
The ratio of the county appraised value to the
sale price or adjusted sale price. A simple indicator of
appraisal accuracy. |
| State Board of Tax Appeals (BOTA) |
The highest administrative body established by
law to consider state and local tax issues. It is a five-member
board that is a completely separate entity from the local taxing
jurisdiction. |
| Tax District |
The geographic area that a local governing body
provides services to and has taxing authority over. |
|
Tax Roll
|
The list of all taxable property. It includes
the name of the owner, the assessed value, the mill levy, the
amount of taxes allocated to each taxing district and the total
property tax. |
| Time Trend |
A time trend measures the effects of inflation,
deflation, and other market adjustments such as supply and
demand. In the simplest terms, a time trend measures the amount
of increase or decrease that occurs when a property sells and at
a later date sells again when no property characteristics have
changed. |
