Real Estate Terms Explained

  • Assessed Value: This refers to the fair market value multiplied by the assessment level for each property type.
  • Fair Market Value (FMV): This is the price for which a buyer or seller with no pressure and with reasonable knowledge would buy or sell the property.
  • Tax Levy: This is when a tax collector takes possession of your assets to satisfy a tax debt.
  • Tax Base: The total amount of assets or revenue that you can be taxed on.
  • Property Tax Appeal: This is filed by a homeowner to question their property taxes based on their property value.
  • Ad Valorem Proceedings: A proceeding to review the tax assessments in order to make sure that the tax payer is paying the fair amount of tax liability.