Glossary
Horizontal equity Impact fee Improvements— immovable vs movable
Income approach Indexing property values Inheritance tax Land policy
Land rent/ground rent/land leases Land rights Land use classification Legal cadastre Land tenure systems Lien date
Market value—willing buyer, willing seller Nominal tax rate Obsolescence Occupant
Very similar properties should be subject to approximately the same tax obligation. Development fee assessed to mitigate the impact of new private development on public infrastructure Man-made changes to a property, such as improving drainage, building structures, etc. Immovable improvements are attached to the land and cannot be moved without damaging the improvement. Movable improvements can be moved to another location without damage The determination of capital market value by systematically evaluating the expected income stream a property is likely to generate as an investment. A technique used to adjust taxable property values between valuation cycles. Often tied to the rate of inflation in property prices A tax levied on the value of an inheritance The set of agreed principles to govern ownership (or access to), use and management of land resources to enhance their productivity and contribution to social, economic, political and environmental development and poverty alleviation. The fee charged by land owners for the right to occupy and benefit from a parcel of land. Generally for a set period of time, and may limit how the land is used. Socially or legally recognized entitlements to access, use and control areas of land and related natural resources. the set of categories or classes in the tax law that distinguish between between different land uses as residential, commercial, industrial, etc. The official register of legally recognized titled interests in land Sets of formal or informal rules and institutions which determine access to, and control over, land and natural resources The date on which the LPT becomes a security interest in the land and property. Valuations are determined as of this date and tax obligations are calculated effective this date even though they may be billed months later The price that a knowledgeable buyer would be willing to pay, and a knowledgeable seller would be willing to accept, for a property if both parties wanted to make the trade but it was not essential for either. The tax rate specified on the tax notice. Contrast with the effective tax rate The reduction in capital market value that occurs because technology or economic conditions have changed rendering the property less valuable than previously A person or group that has possession of land and improvements 119