Appraisal Definitions

Acre

     A parcel/plot of land equal to 43,560 square feet.

Appeal

     A process in which a property owner contests an assessment.
     In Georgia, property owners may appeal on taxability, uniformity of assessment and value.

Appraisal

     The process of developing an opinion of value.

Arbitration Appeal

     An alternative appeal process established to settle a dispute outside of court using an arbitrator(s).

Assessed Value

     A value set on real and personal property by a government as a basis for levying taxes.

Assessment

     The official valuation of property for ad valorem taxation.
     In Georgia, the assessed level is 40 percent of the appraised value.

Assessor

     The head of an assessment agency (Board of Tax Assessors) that collectively discovers, lists, and values real estate for ad valorem taxation.

Board of Equalization (BOE)

     A public body charged with the duty of hearing and deciding appeals taken by taxpayers on assessments established by the Board of Assessors (or other body other than the courts).

Common Area

     The total area within a property that is not designed for sale or rental but is available for common use by all owners/tenants; e.g. parking lots, sidewalks, malls, etc.

Comparables (COMPS)

     Similar property sales, rentals or operating expenses used for comparison in the valuations (appraisal) process; also referred to as comps.

Condition

     The physical condition of a structure due to change since its origination.

Condominiums

     A multi-unit property in which persons hold fee similar title to individual units and an undivided interest in common areas.

Deed

     In real estate, the legal document recorded to show ownership of real estate.

Deed Book and Page

     The official book and page in which the real estate deed is recorded.

Economic Obsolescence

     A loss in value due to a negative influence from factors external to the property.

Freeport Exemption

     The portion of personal property exempted from taxation; e.g., Raw Materials and Goods in Process, Finished Goods, and Out of State Shipments.

Functional Obsolescence

     The depreciation of a property resulting from deficiencies or inadequacies in the structure.

Hearing Date

     This is the date set by the Board of Equalization to hear the appeal or scheduled date for appearance in Superior Court.

Industrial

     Land and/or improvements that can be adapted for industrial use.

Miscellaneous Improvement

     That portion of real estate with improvements not including the main building; e.g., asphalt paving, outbuildings, sheds, storage buildings, etc.

Neighborhood

     A group of complimentary/comparable land uses such as buildings or businesses used for valuation of like properties.

Property Class

     The State of Georgia stratification code used to group like properties for purposes of analysis.

Sale Date

     The official date recorded on a deed when property was transferred.

Sale Transfer Code

     The legal code recorded with the transfer of property indicating the condition under which the property changed ownership.

Sales Instrument

     The legal description/document of the type of deed between purchaser and buyer.

Situs

     The physical location of the property.

Subdivision

     A tract of land that has been divided into lots or blocks with other facilities appropriate to its development as residential, commercial, or industrial; e.g., streets, roadways, open area, etc.

Topography

     The relief features or surface configurations of an area; e.g., hills, valleys, slopes, lakes, rivers, etc.

Zoning Code

     A code used to designate the public regulation of the character and extent of real estate restricting its use and development.

Warranty Deed

     A deed that conveys to the grantee title to the property free and clear of all encumbrances, except those specifically set forth in the document.