Functional Obsolescence - loss in value due to inability of a structure to adequately perform the function for which it was used as of the appraisal date. Examples might include poor or inappropriate floor plans, lack of modern equipment, inadequate heating and cooling capacity or dated architecture.
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Geo-reference - to connect map features to actual points on earth; usually accomplished by using a GPS (global positioning system) device.
GIS - Geographic Information System, a term that encompasses a broad field of computer software that integrates geography (where things are) and information and allows users to search data in many ways.
Highest & Best Use - the use that will generate the highest net return to a property over a period of time. Tests for highest and best use include; physically possible, legally permissible, financially feasible and maximum profitability.
IAAO - International Association of Assessing Officers.
Improvements - anything (buildings or other relatively permanent structures) attached to land with the intention of increasing its value.
Income Approach - a set of procedures that generates a value indication for an income producing parcel (multi-family residential, commercial or industrial) by converting anticipated benefits through ownership of property. Direct capitalization converts a single year of income into value whereas yield capitalization converts several or many future year's income into value.
Ingress - a place or right to enter onto a person's property.
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Legal Description - a description of land identifying the real estate for all purposes of law; an exact description enabling the real estate to be located and identified.
Lot - a distinct, measured piece of land having fixed boundaries and designated on a plot or survey.
Mass Appraisal - the systematic appraisal of a group of properties as of a given date using standardized procedures and statistical testing.
Mile - a land measure equaling 5,280 feet.
Mill or Millage - a mill is one-thousandth of one dollar or one-tenth of one cent. In many states the ad valorem tax rate is expressed as a millage. For example, a 5 percent tax rate is $5 per $100, $50 per $1000, or 50 mills per dollar.
Millage Totals - a report compiled annually by the Assessor's Office listing the total ad valorem taxes levied by each taxing jurisdiction in the parish; also referred to as the "grand recap".
Parcel - a contiguous area of land described by a single legal description or as one of a number of lots on a plat, capable of being conveyed by a single legal description.
Parcel Number - a numerical code representing a parcel's legal description and used in maintaining a parcel database. Can be identified with or tied to a jurisdiction's mapping system; for example a parcel number could be comprised of ward, map and parcel numbers.
Personal Property - all property other than real property; it is not permanently attached and is, therefore, movable.
Physical Deterioration - loss in value due to wear and tear and the forces of nature.
Plat - a map intended to show the division of land into lots or parcels.
Quitclaim Deed - a type of deed where a grantor ( a person with ownership interest) transfers all interests he or she has in a property without warranty of title.
Real Property - all the interests, rights, benefits and encumbrances inherent in the ownership of physical real estate, where real estate is the land together with all improvements that are permanently affixed to it.
Residential Lessee - a person who owns and occupies a residence including mobile homes, but does not own the land in which the residence in situated
Revaluation - the mass appraisal of all property within an assessment jurisdiction accomplished within or at the beginning of a revaluation cycle. The revaluation cycle in Louisiana is every four years; 2016 is the next revaluation year in Louisiana.
Recording - the filing of a copy of a legal document or instrument such as a deed or mortgage with the local parish Clerk of Courtís Office. This recording creates a public record of the document protecting all concerned parties and gives constructive notice to the public at large.
Sales Comparison Approach - a set of procedures that generates a value for a parcel by referencing comparable sales and developing appropriate units of comparison. Comparable sales must be identified, verified as an indication of market value and then adjusted (using appropriate units of comparison) to a subject property. Most preferred method of valuation because it mirrors actual market conditions.
Section - in the public land survey system of land description, one of the 36 sections, each one mile square or 640 acres, into which each township is divided.
Servitude - a private right held by a person or group to use real property owned by another party or to limit the use of real property owned by another party. Examples of servitudes may include utility servitudes, drainage servitudes, and servitudes of passage.
Sheriff's Sale - a sale of real or personal property conducted by a parish Sheriff's Office to satisfy an unpaid collateralized financial obligation.
Situs - in real estate, the physical location of a property; in personal property, the taxable location because personal property may be moved from one place to another.
Square Mile - a land measure equaling 640 acres.
Tax Levy - in property taxation, the total revenue that will be realized by a tax.
Tax Lien - a lien that is automatically attached to property in the amount of its unpaid taxes.
Tax Sale - a sale of real or personal property conducted by a parish Sheriff's Office to satisfy an unpaid ad valorem tax obligation.
Taxing Jurisdiction - a political subdivision within an assessment district having the authority to levy taxes.
Title - the combination of all elements constituting proof of ownership; the legal instrument or document that is evidence of ownership.
Township - in the public land survey system of land description, a division of land equaling 36 square miles. Townships are bounded by two successive Range Lines on the east and west and two successive Township Lines on the north and south.
USPAP - Uniform Standards of Professional Appraisal Practice, the current standards of the appraisal profession.
Unimproved Land - vacant land or land that lacks the essential improvements required to make it useful.
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