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Anderson County PVA Brian Stivers
PVA Terminology - A - Ad Valorem Tax - A tax levied in proportion to the value of the property being taxed.  Ad valorem simply means "based on value". Appeal - The process by which a property owner contests an assessment either informally or formally. Appraisal - An estimation of value, or the price a property would bring in an open market. Appraisal Date - The legal date for which the assessments are made.  In Kentucky the appraisal date is January 1st. Arm's-Length Sale - A sale between two unrelated parties, both seeking to maximize their positions from the sale transaction. Assessed Value - The monetary amount at which a property is put on the assessment roll for a particular assessment year. Assessment Year - The 365 days beginning with the appraisal date, which is January 1 in Kentucky. Assessor - The head of an assessment jurisdiction. In Kentucky she or he is called the PVA. Back to Top  - B - Board of Assessment Appeals - Locally appointed three member board that hears protests from property owners who disagree with the PVA assessment. Back to Top - C - Cadastral Map - A scale map showing the dimensions of each parcel and related information. CAMA - "Computer Aided Mass Appraisal" - Statistical formulas that allow a computer to generate assessment data for multiple properties. Chronological Age - The number of years elapsed since an original structure was built, or its actual age. Comparable - Recently sold properties that are similar to a property being appraised which provide an estimate of value. Cost Approach - "Principle of Substitution" - seeks to determine the replacement cost of an improvement-less, depreciation-plus land value. Back to Top - D - Date of Sale - The date on which the sale was agreed upon. Back to Top  - E - Easement - A right held by one person to use the land of another for a specific purpose, such as access to other property. Economic Life - The period of time during which a given building or other improvement to property is expected to contribute (positively) to the value of the total property. Economic Obsolescence - Loss in value of a property that stems from factors external to the property. Effective Age - The typical age of a structure equivalent to the one in question with respect to its utility and condition. Equity - The degree to which assessments bear a consistent relationship to market value. Back to Top - F - Fee Appraisal - Appraisal of properties one at a time for a fee. Fee Simple - In land ownership, complete interest in a property, subject only to governmental powers such as eminent domain. Field Review - The practice of reviewing property from the exteriors. Fixture - An item of equipment that, because of the way it is used, has become an integral part of the building or other improvement. Functional Obsolescence - Loss in value of a property resulting from changes in tastes, preferences, or market standards. Back to Top - G - GIS - Geographic Information System (i.e. Computerized Mapping). Gross Income Multiplier - The factor by which gross income is multiplied in order to obtain an estimate of  value. Gross Rent Multiplier - The factor by which gross rent is multiplied in order to obtain an estimate of value. Back to Top - H - (empty) Back to Top - I - Improvement - Anything done to raw land with the intention of increasing its value. Income - The payments to its owner that a property is able to produce in a given time span. Income Approach - Uses capitalization to convert the anticipated benefits of the ownership of property  into an estimate of present value. Intangible Property - Evidence of ownership of value or the right to value, for notes, bonds, stocks, etc. Back to Top - J - (empty) Back to Top - K - (empty) Back to Top - L - Land Contract - A contract for sale in which the seller retains title until the buyer completes installment payments for the property. Leasehold - The interests in a property that are associated with the lessee as opposed to the lessor. Legal Description - A statement in words or codes identifying land for all purposes of law. Location Obsolescence - Loss in value due to sub-optimal siting of an improvement. Back to Top - M - Market - The place in which buyers and sellers interact. Market Price - The price a particular buyer and seller agree to in a particular transaction. Market Value - The most probable sale price of a property in terms of money in a competitive and open market. Mass Appraisal - The process of valuing a group of properties as of a given date, using standard methods, and allowing for statistical testing. Back to Top - N - Neighborhood - The environment of a subject property that has a direct and immediate effect on value. Back to Top  - O - (empty) Back to Top - P - Parcel - A contiguous area of land described in a single description or as one of a number of lots on a plat. Parcel Identification System - The scheme by which parcel identifiers are generated. Parcel Identifiers - A code, usually numerical, representing a specific land parcel's legal description. Plat - A map intended to show the division of land into lots or parcels. Property - An aggregate of things or rights to things. These rights are protected by law. Personal Property - All property other than real property - moveable. Property Split - A result of the sale of a piece of property held by a single owner such that different pieces of the property are owned by different owners. Back to Top - Q - (empty) Back to Top - R - Real Property - The rights to land and its improvements. Remaining Economic Life - The number of years remaining in the economic life of a building or other improvement as of the date of the appraisal. Replacement Cost  - The cost, including material, labor, and overhead, that would be incurred in constructing an improvement having the same utility to its owner as the improvement in question. Back to Top  - S - Sale Price - The price for which a property was sold. Sales Comparison Approach - Estimates a property value by reference to comparable sales. Sale Data - Information about the nature of the transaction. Sales File - A file of sales data. Site Characteristics - Characteristics of a particular property, such as land size, shape, topography, etc. Back to Top  - T - Tangible Property - Actual physical property. Tax Base - The total of all the assessed values in a given community. Tax Rate - The percentage of assessed value at which each property is taxed in a given district. Title - The union of all elements constituting proof of ownership. Back to Top - U - (empty) Back to Top - V - Valuation - The process or business of appraising. Value - The estimate sought in valuation. Back to Top - W - Warranty Deed - A deed conveying to the grantee title to the property free and clear of all encumbrances except those stated in the deed itself. Back to Top - X - (empty) Back to Top - Y - (empty) Back to Top - Z - (empty) Back to Top
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