Assessable Transfer of Interest - A transfer of an existing interest in real property that subjects the real property to appraisal. For purposes of this definition, an existing interest in real property includes life estate interest.
Assessment - An appraised or determined value of real property multiplied by the appropriate corresponding ratio equals the assessment or assessed value.
Capped Value - Each political subdivision shall value real property by a method in which the value of each parcel of real property, adjusted for improvements and losses, does not increase more than 15% every five years unless an assessable transfer of interest occurs.
Fair Market Value - The amount for which property can reasonably be expected to sell on the open market with a willing buyer and willing seller.
Geographic Information System (GIS) - This is the linking of tabular data to maps residing in a computer as graphics files. Either maps or data can be called interactively.
Millage Rate - The amount of mills levied in order to meet the budget of a school district, county, city or other political subdivision. One mill equals 1/1000 of a dollar (0.001).
Real Property - All land and the buildings, structures or improvements on that land.
Reassessment - Process required by law to determine changes in the market value of property over a certain period of time in order to provide equity among taxpayers.
Tax Map Number - This is a unique number that is the basis for property identification and location.