- 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.