Abatement - (1) An official reduction or invalidation of an assessed valuation after the initial assessment for ad valorem taxation has been completed. (2) The termination of a nuisance. (3) A reduction in the rent levels that a landlord charges tenants.
Acreage – Unsubdivided land that is customarily measured in terms of acres rather than front feet or square feet.
Ad Valorem – According to value.
Ad Valorem Taxes - A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment provisions, and the like, the property tax is an ad valorem tax. (IAAO)
Addition – (1) A term sometimes used to denote a subdivision. (2) An increase in the value of fixed assets due to the acquisition of a new property or the enlargement of an old one.
Adjustments – (1) Mathematical changes made to market data to facilitate comparison or understanding. When dollar adjustments are used, individual differences between comparable properties and the subject property are expressed in terms of plus or minus dollar amounts. With percentage adjustments, individual differences are reflected in plus or minus percentage differentials. (2) Items that should be prorated or apportioned between the purchaser and the seller in a real property transaction, e.g., taxes, rents.
Adjusted Sale Price – The figure produced when the transaction price of a comparable sale is adjusted for elements of comparison in the valuation process.
Agricultural Classification - A land taxation classification (not related to zoning) granted to properties that are used in a commercial agricultural operation. Applications for Agricultural Classification must be submitted to the Property Appraiser's Office on or before March 1. See Section 193.461(3)(a), Florida Statutes.
APC: Apartment - Building area code found on a property record card. Any rented living space. The living space may consist of one room or a set of rooms, and it may be one of a few or several such spaces in the building.
Appraisal – (1) The act or process of developing an opinion of value; an opinion of value. An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, more than, not less than, less than) to a specified amount. (SVP) (2) (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). (USPAP, 2020-2021 ed.)
Appraisal Areas - Pinellas County is divided into geographically delineated twenty (20) residential appraisal areas, nine (9) residential condominium areas and two (2) residential mobile home areas. The County is divided into seven (7) commercial areas based on use. The Tangible Personal Property accounts are divided into four (4) areas. The appraisers are responsible for the values of all parcels located within their respective appraisal areas.
Appraisal Date - The date as of which a property’s value is estimated. In Florida, that date is January 1st. For example, if a lot is vacant on January 1st, the lot will be assessed as vacant even though a building may have been completed on it later in the year.
Arm's-Length Transaction – A transaction between unrelated parties who are each acting in his or her own best interest.
Assessment Caps - Florida provides tax savings benefits on assessed values of certain real properties. A 3% cap applies to the assessed value of residential properties with a qualified Homestead Exemption. A 10% cap on non-homesteaded properties applies to the assessed value of second homes or commercial properties.
Assessment Roll (aka Property Tax Roll) – The basis on which the property tax levy is allocated among the property owners in a jurisdiction with taxing powers. The assessment roll usually lists an identifier for each taxable parcel in the jurisdiction, the name of the owner of record, the address of the parcel or the owner, the assessed value of the land, the assessed value of the improvements, applicable exemption codes, and the total assessed value. (IAAO)
Assessed Value - The value of a property after any assessment reductions, such as the Save Our Homes cap on homestead properties or 10% non-homestead cap, have been applied. This value may be reduced by a Save Our Homes cap benefit "ported" from a prior homestead property. The assessed value will also reflect special use classifications, such as the agricultural classification. If the assessment reductions are applied or a special use classification is granted, the assessed value could be different for School and Non-School taxing authorities. Assessed values can differ from just/market values and taxable values.
Asterisks ********** - If a parcel has asterisks for owner’s name and other fields, the account is redacted pursuant to Section 119.071, Florida Statutes. The redacted information (as indicated by asterisks) is confidential and exempt from disclosure by our office. We have made the non-confidential property information available online for your review, but we cannot provide any of the redacted fields.
ATF: Attic Finished - An area between the roof rafters and ceiling joists accessible from the Base by a permanent stairwell (fixed or drop stairs). Has finished (plywood or other floor) rather than exposed joists. Vertical walls usually have some finished material (wood or drywall).
