urrent page or check for previous versions at the Internet Archive. Yahoo! is not affiliated with the authors of this page or responsible for its content.
Glossary Glossary
Version AReal Property Assessment Guideline
Page 1
Glossary
The real estate appraisal terms and definitions in this glossary apply throughout the Real
Property Assessment Manual.
actual age
The number of years elapsed since the original construction up to the
effective valuation date. See also effective age.
ad valorem tax
A tax based on the value of the property.
addition
An extension or increase in the floor area or height of a building, room,
or structure.
agricultural
property
The land and improvements devoted to or best adaptable for the
production of crops, fruits, timber, and the raising of livestock.
air circulation,
forced
A means of providing space conditioning utilizing movement of air
through ducts by mechanical means.
air rights
The right to the use of a certain specified space within the boundaries of
a parcel of land and above a specified elevation.
air-conditioning
system
An air-conditioning system consists of heat exchangers, blowers, filters,
supply exhaust, and return-air systems, and includes any apparatus
installed in connection therewith.
alligatoring
Many small, hairline type cracks (also known as spider cracks) in
concrete, in painted surfaces, or on roll roofing. The condition looks like
the scales on the back of an alligator.
amenities
The intangible benefits arising out of ownership of property.
anchor bolt
A bolt used to anchor structural members to concrete or the foundation.
annually assessed
mobile home
A mobile home that does not meet either of the following requirements
§
Located on land owned by the homeowner
§
Located on a permanent foundation
apartment hotel
A building designed for nontransient residential use. It is divided into
dwelling units similar to an apartment house, but has such hotel
accommodations as room furnishings, lounges, public dining room, and
maid service.
apartment house
A multiple family residence containing three or more nontransient
residential living units, and generally containing a number of common
facilities and services.
appraisal
An estimate, usually in written form, of the value of a specifically
described property as of a specified date. It may be used synonymously
with valuation or appraised value.
appraisal schedule
Any standardized schedule or table used in conjunction with a
revaluation program, such as a replacement cost pricing schedule,
depreciation table, or land depth table. Glossary
Page 2 Version AReal Property Assessment Guideline
appraiser
A person who estimates value or possesses the expertise to execute or
direct the execution of an appraisal. In IC 6-1.1-31.7, an appraiser is a
professional appraiser or appraisal firm that contracts with a county or
township under IC 6-1.1-4 and is certified under rules promulgated by
the State Board of Tax Commissioners.
asphalt shingle
The most common type of roof shingle in this country, made by
impregnating mats of fiberglass or organic felt materials such as rags,
paper, and wood pulp, with asphalt and covering one surface with
mineral granules.
assessed value
An amount equal to 100% of the true tax value of property. Also referred
to as assessed valuation.
assessing
The act of valuing a property for the purpose of establishing a tax base.
assessment
The value of taxable property to which the tax rate is to be applied in
order to compute the amount of taxes. It may be used synonymously
with assessed value, taxable value, true tax value, and tax base.
assessment date
March 1 for all tangible property. In this revision, it means March 1, 2002,
and each March 1 until the next general reassessment under IC 6-1.1-4-
4.
assessment notice
A written notification to a property owner of the assessed value of
certain properties described in the notice. It is mandated by law to be
given to each property owner following a revaluation of the property. Also
referred to as Form 11.
assessment period The period of time during which the assessment of all properties within
a given assessment district must be completed. It is also the period
between tax lien dates.
assessment roll
The official listing of all properties within a given taxing jurisdiction by
ownership, description, and location showing the corresponding
assessed value for each. Also referred to as tax list, tax book, tax
duplicate, and tax roll.
assessor
The administrator charged with the assessment of property for
ad valorem taxes.
attached dwelling
A multiple family dwelling in which the dwelling units are separated
vertically by means of a common or party wall.
attached garage
A garage that is part of the main structure.
attic
An unfinished or finished portion of a building lying between the highest
finished story and the roof, and wholly within the roof framing.
attic space
ventilation
Any means of removing hot or stale air from an attic space such as
ridge vents, powered or gravity turbines, gable vents, and so forth, in
conjunction with eave or soffit vents.
backfill
Loose earth placed outside foundation walls for filling and grading.
base price
A value or unit rate established for a certain specified model, and
subject to adjustments to account for variations between that particular
model and the subject property under appraisement. Glossary
Version AReal Property Assessment Guideline
Page 3
basement
A building story that is wholly or partially below the grade level with either
no window openings or a minimum number of small window openings
within the perimeter walls.
bay
One of the following:
n

a horizontal area division of a building usually defined as the space
between columns or division walls
n

an internal recess formed by a wall projecting beyond its general line.
bay window
A window, or group of continuous windows, projecting from the main
wall of a building.
beam
A horizontal member of wood, reinforced concrete, steel, or other
material used to span the space between posts, columns, girders, or
over an opening in a wall.
n

Continuous beama beam that has more than two points of support
n

Cantilevered beama beam that is supported at only one end and is
restrained against excessive rotation.
n

Simple beama beam that is freely supported at both ends,
theoretically with no restraint.
bearing wall
A wall designed primarily to withstand vertical pressure in addition to its
own weight.
blighted area
A declining area characterized by marked structural deterioration or
environmental deficiencies, or both.
brick construction
A type of construction in which the exterior walls are bearing walls made
of solid brick or brick and tile masonry.
brick veneer
construction
A type of construction in which the exterior walls are one layer brick
curtain walls backed by a wood frame.
bridging
The structural member used to give lateral support to the weak plane of
a truss, joist, or purlin. It provides sufficient stability to support the
design loads, sag channels, or sag rods.
building
Any structure partially or wholly above ground that is designed to afford
shelter to persons, animals, or goods.
bungalow
A one-story unit that is somewhat more pretentious than a cottage.
bus company
A company, other than a street railway company, that is principally
engaged in the business of transporting persons for hire by bus on
regularly scheduled routes in or through two or more townships of this
state.
central business
district
The center of the city where the primary commercial, governmental, and
recreational activities are concentrated.
central system
Includes property used for heating, air conditioning, ventilation,
sanitation, fixed fire protection, lighting, plumbing, or drinking water.
column
A structurally-isolated vertical member that is at least eight to ten times
as long as its least lateral dimension and that is designed to carry loads. Glossary
Page 4 Version AReal Property Assessment Guideline
common wall
A wall owned by one party, but jointly used by two parties, one or both of
whom is entitled to such use under the provisions of a lease or deed.
component part-in-
place method
The application of the unit-in-place method to unit groupings or
construction components.
conditioned air
Air treated to control its temperature, relative humidity, or quality.
conduit
A tube, pipe, or small artificial tunnel used to enclose wires or pipes or
to convey water or other fluids.
construction year
The year of the original construction for a structure.
coping
A special capping at the top of a wall, serving principally as a watershed.
cornice
A projecting element at the top of a wall, serving principally as a
decoration or as part of the coping.
cost approach
One of the three approaches to valuation by which an indication of the
value of a property is arrived at by estimating the value of the land, the
replacement cost new of the improvement, and the amount of
depreciation to the improvement. The estimated land value is added to
the estimated depreciated value of the improvements to arrive at the
estimated property value.