A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Account Number
Unique number assigned to identify an individual property.
Acreage Units
Used to measure the size of a property.
Ad Valorem
“According to value.” In common usage, an ad valorem tax is levied in proportion to the value of the property. The valuation of the property is performed by the Board of Assessors and may be subsequently changed by the Board of Equalization or by the courts.
Appraisal
The act of estimating the value of property. It is an estimate or opinion of value – usually of either market or of value as defined by the appraiser. It is made as of a specific date and is a conclusion that results from the analysis of facts. Appraisals are performed by the Tax Assessor’s Office.
Assessment
A generally accepted term which, when applied to property taxes, means the official act of discovering, listing, and appraising property for ad valorem tax purposes. In Georgia, all property is assessed at 40% of its fair market value.
Assessment Date
The date as of which the ownership, situs, and value of property are established as provided by law (January 1 each year in Georgia).
Assessment Value
40% of fair market value of property used to compute ad valorem taxes.
Board of Equalization
A quasi-judicial board selected by the grand jury from the grand jury list then current. It reviews property tax appeals where the value appealed was not changed upon initial review by the county board of tax assessors. The Board of Equalization is appointed before November 1 of each year to serve a one-year term, beginning on January 1. The Board consists of three members and their alternates.
Caveat
A written statement filed with a court, setting forth reasons why a will should not be probated.
Deed (GED) Book and Page
Identifies the book number and page number of a recorded legal document on the General Execution Docket of the Superior Court.
Defaulters
Taxpayers whose taxes have not been paid on the date they are due. Same as delinquent taxpayers.
Digest (also called assessment book) An official listing or book giving the name and address of the property owners who have been assessed, a legal description of the property and the assessed valuation, and other information (such as a breakdown of class of property) as required by state law. Also gives total value of property and total of all taxable property and of all exempt property. In some states it is known as the assessment or tax roll or tax list. (See also gross digest and net digest.)
Eminent Domain
The right by which a government unit and specified quasi-public bodies, such as public utilities, may acquire private property for public or quasi-public use upon payment of reasonable compensation without consent of the owner.
Execution
The process and/or form used for levying on and selling enough of a delinquent taxpayer’s property to satisfy unpaid taxes.
Execution Docket
A list of delinquent taxpayers. The list is based on outstanding executions that are signed by the tax commissioner and remain enforceable for seven or more years.
Exemption
Relief from a certain amount or proportion of tax liability granted to a property owner upon approval of an application. (See Homestead Exemption.)
Fair Market Value
Georgia law defines this in the following manner: “fair market value of property” means the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm’s length bona fide sale. In determining the fair market value of real property, the tax assessor must consider the following criteria: a. existing zoning of property; b. existing use of property; c. existing covenants or restrictions in deed dedication the property to a particular use; d. foreclosure sales, bank sales or distressed sales of comparable real property; e. decreased value based on limitations and restrictions resulting from the property being in a conservation easement; or f. any other factors deemed pertinent in arriving at fair market value.
Fee Simple Title
An unrestricted, unconditional estate in land.
Fi.Fa. (Fieri facias)
Term used interchangeable with execution. Means you "cause it to be done." A judicial writ directing the sheriff to satisfy a judgment from the debtor's property.
Grantee
The person to whom property is transferred: the buyer.
Grantor
The person who transfers the property to another: the seller.
Gross Digest
The value of all taxable property in the county including motor vehicle and mobile home valuations.
Improvement
Buildings or other more or less permanent structures or developments located on a parcel of land.
Intangible Tax
A tax on property which represents or stands for value, such as certificates of stock, cash, bonds, promissory notes.
Interest
A right, claim, title or legal share in something; compensation required by law to be charged on principal tax liability after the established due date.
Land Value
The assessed value of the land portion of a parcel of property.
Legal Description
A statement that serves to identify the location and boundaries of a parcel of land that is legally acceptable for assessment of taxes.
Lessee
One who possesses the right to use or occupy a property under lease agreement: the renter.
Lessor
One who conveys the right to use or occupy a property under lease agreement: the landlord.
Levy
The process whereby a sheriff or other state official empowered by writ or other judicial directive actually seizes, or otherwise brings within his or her control, a delinquent taxpayer's property to satisfy the judgment; the legislative rate or amount of taxation.
Lien
An encumbrance or change on property.
Life Estate
An estate or interest in property that is limited to the lifetime of a specific person.
Long-Term Note Secured by Real Estate
(in reference to "recording tax") Generally, a note (such as a mortgage) secured by real estate for which any part of the principal is due more than three years from the date it was made.
Millage Rate
One "mill" equals $1.00 of property taxes for every $1,000 of assessed valuation. The total millage rate is derived by dividing the portion of the county budget to be funded by property taxes each year by the total assessed valuation (net digest) of the taxable property within the county. Other taxing authorities should calculate the millage in the same way. The rates of several taxing authorities may combine to make up your total tax bill including county, schools and municipal operations, bond (debt) retirement (if any) and any special tax districts, if applicable. The state of Georgia also assesses a tax of 1/4-mill.
Mortgagee
A person to whom property is conveyed as security for a loan made by such person.
Mortgagor
Owner who conveys his property as security for a loan such person acquires.
Net Digest
The gross digest (including motor vehicle and mobile home valuations) plus public utility valuation less homestead exemptions.
Nulla Bona "No goods"
A levying officer can enter this term on an execution when he or she finds no property to levy on and sell.
Parcel ID Number
An identifying field for a parcel of property.
Penalty
A sum of money exacted for punishment for doing some act that is prohibited or for not doing some act that is required; a 5% penalty is applied to bills on the date of delinquency.
Personalty or Personal Property
Generally movable items; that is, those not permanently affixed to and a part of real estate. In deciding whether or not a thing is personal property or real estate, usually there must be considered (1) the manner in which it is annexed; (2) the intention of the party who made the annexation (that is, to leave permanently or to remove at some time); (3) the purpose for which the premises are used. Generally, and with exception, items remain personal property if they can be removed without serious injury either to the real estate or to the item itself. (Byrl N. Boyce, Real Estate Terminology. Cambridge, Mass.: The Ballinger Publishing Company, 1975, pp.157-58) Also classed as personal property, but more commonly known as intangible property, is that property which lacks mass and is not subject to physical measurements, but has value or worth, such as money, stocks and bonds, goodwill, patents, copyrights, trademarks, etc.
Petition in Equity
Generally, a request of the court to redress a wrong.
PIN Number
A unique number that identifies and associates an individual with a tax bill.
Property
Generally anything subject to ownership. It can be both real (such as land, land and improvements) and personal (money and credits, merchandise and equipment, etc.) or it can refer to rights involved in the ownership of property.
Quitclaim Deed
Release of claim to property
Real Estate, Realty, or Real Property
Land or land and improvements. Statutory law may broaden a definition of real property to include, for example, mineral rights or machinery permanently attached to a building.
Return (see Tax Return)
Used to express the act of property owner in filling out and submitting a tax return form to the tax office.
Sales Assessment Ratio
Ratio of assessed value to the actual sale price of property. May be used as a guide in evaluating assessment levels.
Security Deed
The security for mortgages or other liens and encumbrances on land.
Situs Address (also known as the property address)
The physical address of the parcel of property.
Tax Deed
The deed whereby title is conveyed to the purchaser at a sale of land made for nonpayment of taxes. Sometimes called the sheriff’s deed.
Tax Digest (see digest)
Tax Map
A map drawn to scale showing individual ownership boundaries in true relative size, shape and location which contains identifying numbers or names.
Tax Return (also called assessment return)
A form requiring information on the taxpayer and his property and upon which the taxpayer places his estimate of the value of his property. In Georgia, property owners return their property from January 1 to March 1 if they have acquired new property or have changes in the property they have owner. The assessor also uses this form for listing and assessing purpose.
Total Value
The total assessed value of a parcel of property.
Trust Deed
A deed by which property is transferred to a trustee to be held in trust for benefit of creditors of the grantor.
Value Offset Exemption
The Value Offset Exemption holds the assessed value of a property constant for the county portion of your tax bill, even if there is an increase in property value. School, state and city taxes will continue to be taxed at the current assessed value. You must apply and be qualified for the Homestead in order to be eligible. This VOE exemption is applicable to the house and up to five acres of land.
Warranty Deed
A deed which conveys title to property whereby the seller guarantees the title to be good and unencumbered except as stated, and agrees to defend and protect the purchaser against any loss that may arise in the future from any defect in the title at the time of conveyance.