Real Estate Chapter 5

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A requirement that encourages or mandates a "reasonable and fair"component of new housing construction for lower-income families

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Affordable housing allocation

Front 2

Property taxes that are based on the market value of the property

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Ad valorem taxes

Front 3

The value determined as the basis on which an owner's property tax liability is calculated, usually a percentage of market value

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Assessed value

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in that its determinations are final rather than merely recommendations to the governing body. They can be appealed only in court.

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Board of adjustment

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A local government's general guide to a community's growth and development based on the community's goals and objectives

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Comprehensive plan

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The requirement that public facilities and services, including roads, sewers, and schools, be available at the same time the new development is completed.

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Concurrency

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A legal procedure involved with eminent domain, the right of government to acquire private property, without the owner's consent, for public use in exchange for just compensation

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Condemnation

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The conveyance of property from a private owner to government for public use. Common examples are the dedication of streets, parks, or other areas to local government in the course of subdivision development

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Dedicated (property)

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Studies of the effect that a new development will have on the economy or the environment of the region

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Economic and environmental impact statements

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The percentage amount by which income taxes reduce the going-in IRR on a property acquisition or development

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Effective tax rate

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The power of the government to take private property for a public purpose by paying the owner just compensation

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Eminent domain

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Zoning that tends to exclude lower-income groups and is prohibited

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Exclusionary zoning

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The unaccounted effects that a land use imposes on surrounding parcels

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Externalities

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Control by a community of an area larger that the community or jurisdiction for planning and zoning purposes, granted by the state legislature, which allows local governments to plan and control urban development outside their boundaries until annexation can occur

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Extraterritorial jurisdiction

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A temporary prohibition of further development in a community or jurisdiciton

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Growth moratorium

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A provision in some states that allows specified taxpayers to apply for a deduction of a certain amount from the property's assessed value in calculating the annual property tax liability

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Homestead exemption

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A fee charged by a community and paid by a developer that is commensurate with the externalities created by a development. ntended to cover the development's impact on such things as roads, sewers, schools, and police and fire protection.

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Impact fee

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Action, initiated by a property owner against the government to recover the loss in property value attributed to government activity

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Inverse condemnation

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Payment to an owner for property taken in condemnation proceedings, usually the market value of the property taken by the government in its exercise of eminent domain

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Just compensation

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The dollar of tax per $ of property value. For example, a millage rate of 20 means that a person owning a property having assessed value of 100,000 would pay 20x100=2000 in tax

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Millage rate

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Units used to state the amount of property tax assessment; the number of dollars per $1000 Twenty mills means $20 per each 1000

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Mills

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School of planning thought that seeks to revive residential neighborhood features of the pre-automobile era, including sidewalks; houses with front porches located close to streets; narrow, grid pattern streets; and supporting nonresidential services interspersed within neighborhoods

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New urbanism

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A land use inconsistent with current zoning classification, but which is permitted to remain because it predated the current zoning. To be allowed to remain, the use must be uninterrupted and the property structures cannot be substantially improved

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Nonconforming use

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An approach to land use control that addresses concerns for urban systems such as traffic, watershed, green space, air quality, or other aspects of the environment through limits to detrimental activities

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Performance standard

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A development project, often involving a mixture of land uses and densities not permitted by normal zoning. It is allowed because the entire development is viewed as an integrated whole.

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Planned unit development (PUD)

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In eminent domain cases, expansion by courts of the public use concept, no longer requiring actual physical use by the condemning agency to take property

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Public purpose

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In eminent domain, requirement of actual physical use by the condemning agency to justify condemnation

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Public use

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Under precedents of the US Supreme Court, the degree of land regulation that is considered to constitute effective taking of the property. If this degree of regulation is reached, the government must compensate the property owner for the loss of value

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Regulatory taking

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Planning concept similar to new urbanism, and also emphasizing "compact" urban development

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Smart growth

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Property taxes levied to finance special improvements to benefit adjacent property owners. For example, property owners in a subdivision could be forced to pay for the installation of sanitary sewers

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Special assesments

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The local public official in charge of determining the taxable value of property in the jurisdiction as the basis for property taxation. in some states this official is called the country property appraiser.

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Tax assessor

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All of the taxable properties in a jurisdicion

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Tax base

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The number of dollars of property tax divided by the taxable value of the properties. The percentage that, when multiplied by a property's takable value, will yield the tax liability.

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Tax rate

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The assessed value less any applicable exemptions, to determine the amount of property tax owed.

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Tax value

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Properties against which local jurisdictions may not levy taxes, usually including churches, public schools, and government property.

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Tax-exempt property

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Hazardous materials such as asbestos, fiberglass, lead paint, radon, PCBs, leaking underground storage tanks, and the like.

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Toxic waste

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An area delineated around a community within which the local government plans to provide public services and facilities and beyond which urban development is discouraged or prohibited

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Urban service area

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A permitted deviation for a particual property from the applicable zoning requirements. To be granted only when the zoning ordinance imposes undue hardship to the property owner.

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Variance

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Hazardous materials such as asbestos, fiberglass, lead paint, radon, PCBs, leaking underground storage tanks, and the like.

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Toxic waste

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An area delineated around a community within which the local government plans to provide public services and facilities and beyond which urban development is discouraged or prohibited

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Urban service area

Front 41

A permitted deviation for a particual property from the applicable zoning requirements. To be granted only when the zoning ordinance imposes undue hardship to the property owner.

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Variance