Definitions

Real Estate – All land and the buildings, structures or improvements on that land. Real Property – The rights of ownership of real estate (“The Bundle of Rights”)

Assessment – An appraised or determined value of real property multiplied by the appropriate corresponding ratio (e.g. legal residence, agricultural use) equals the assessment or assessed value.

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.

Reassessment – Process required by law to determine changes in market value of property over a certain period of time in order to provide equity among taxpayers. (Every five years in South Carolina)

Millage Rate – The amount of mills levied on the taxable (assessed) value in order to fund the budget of a school district, county, city or other political subdivision. One mill equals 1/1000 of a dollar (.001).

Tax Map Number – This is a unique number that is the basis for property identification and location.

GIS/Geographic Information System – This is the linking of tabular data to maps residing in a computer as graphics files. Either maps or data can be called interactively.

Assessable Transfer of Interest – A transfer of an existing interest in real property that subjects the real property to reappraisal. For purposes of this definition, an existing interest in real property includes a life estate interest.

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 fifteen percent every five years unless an assessable transfer of interest occurs.