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27 Cards in this Set
- Front
- Back
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Ad Valorem Tax
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A tax assessed against real property based upon its value. Revenue from such taxes is used to pay for the general expenses of the taxing authority.
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Appropriation
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The formal legislative enactment of how a taxing authority intends to acquire funds through taxation along with a detailed account of how the money is intended to be used.
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Assessed Value
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An amount used for tax purposes and arrived at by multiplying a Fixed % x the Property's Fair Market Value.
The % is predetermined by the taxing authority and in some cases by State Law. % x FMV = Assessed Value |
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Assessment Rate
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Percentage which, when multiplied x Market Value determines assessed value.
Assessment Rate x FMV = Assessed Value |
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Block Busting
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The illegal practice of inducing/ conning homeowners in a neighborhood to sell their property by calling attention to the possibility that minority families may be moving in, resulting a lessening of property values, a decline in the quality of education and an increase in crime.
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Buffer Zones
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A parcel of land which separates other land used for different purposes.
Ex: a playground may be used as a buffer zone between a residential area and commercially used land. |
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Building Codes
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Regulations, either local or state, which set construction standards for materials, methods and safety procedures.
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Certificate of Occupancy
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Authorization from a building inspector that construction has completed in compliance with building codes and is ready to be occupied.
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Civil Rights Act of 1866
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The 1st Federal Legislation intended to prohibit racial discrimination in the sale or rental of all types of property.
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Fair Housing Act of 1968
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Title VIII of the Federal Civil Rights Act, establishing a policy of equal housing opportunity and making discrimination illegal.
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Homestead Exemption
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An Ad Valorem tax reduction for persons who own the home they occupy.
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Jones vs Mayor
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A landmark discrimination case in which the U.S> Supreme Court in August 1968 - upheld the Civil Rights Act of 1866 in its ruling that discrimination on racial grounds is unlawful.
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Land Use Districts
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Areas in a community which are classified (zoned) according to their intended use:
Residential Commercial Industrial |
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Master Plan
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A comprehensive long range plan to guide the growth and development of a community.
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Mill
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One Tenth of One Cent
1 mill = .001 used in property taxation |
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Minority
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Any person/persons who can be identified by:
Race Color Sex Religion National Origin Familial Status Handicap or other locally federally adopted characteristics. |
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Nonconforming Use
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Land use in existence prior to the enactment of a zoning ordinance, because zoning cannot be retroactive. The use of which is allowed to continue even though it does not conform to the new ordinance. (The idea of the grandfather clause)
Any building which is a nonconforming use may be used so long as it is in existence. If it destroyed in any way or abandoned, the use will be terminated and the building cannot be rebuilt under existing zoning law. |
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REALTORS
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Active member of the National Association of Realtors.
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Setback
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An imaginary line which demotes the space required between any improvement and the front, sides and rear of the lot.
Also called a Building Line |
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Special Assignment
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A tax levied against real estate to pay for improvements which benefit only the property taxed.
Assessments are generally made for such improvements as streets, lights, sewers, sidewalks and curbs. |
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Specific Advertising
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Advertisment of a specific property listed with a brokerage firm.
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Spot Zoning
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Zoning which designates certain areas for use that differs from the general requirements in the area.
Such as allowing a small convenience store to operate in a strictly residential area. |
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Steering
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Limiting a prospects choice of certain neighborhoods because of race, color, sex, religion, national origin, familial status or handicap.
Also called Slanting or Channeling |
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Subdivision
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A parcel of land divided into a number of smaller lots, generally for the purpose of building new structures.
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Tax Certificate
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A document which entitles the successful bidder in a tax sale to receive a deed after the original owner's period of redemption has ended.
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Variance
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Authorization from a zoning board, or similar body, for a property owner to deviate from the existing required use of land. This right is generally granted only to property owners who are successful in demonstrating that the required zoning creates a hardship.
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Zoning
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A procedure whereby a local government divides its community into districts with each having a designated use.
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