Archives: Glossary Terms

(IRS) An agency of the federal government that is responsible for the administering the agency, collecting taxes and auditing federal income tax returns.

A contiguous urban development larger than a city or metropolitan area.

A contiguous urban development larger than a city or metropolitan area.

An appraisal term pointing to the value created in a person’s own mind for a particular type of property.

An action brought by a property owner seeking just compensation for the use or value of land being so diminished due to the public use of adjacent property when the taker has not done so through an eminent domain proceeding.

A property which is in and of itself a business enterprise consisting of tangible and intangible assets that are considered necessary to the property which have been assembled and or developed into a single unit of use that is for lease or rental in whole or in part to others with the anticipation of profit.

A lien imposed against property without consent of an owner which typically are property taxes, special assessments and federal income taxes.

An appraisal formula used to estimate today’s value of a series of annual payments of principal and interest of one dollar.

A responsibility where two or more parties are liable for the full payment of a debt or obligation and where the creditor may enforce payment against all of the parties together (jointly) or against each individually (severally).

An equal undivided ownership interest of a property by two or more natural persons each of whom has the right, called the right of survivorship, upon the death of one joint tenant to the automatic succession of the title of the deceased tenant.