Tangible Personal Property – (1) The interests, benefits, and rights inherent in the ownership of tangible objects that are considered by the public as being personal. (2) Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable tangible objects that are considered by the general public as being “personal”, such as furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; and intangible property that is created and stored electronically such as plans for installation art, choreography, emails, or designs for digital tokens. (USPAP, 2020-2021 ed.)

Tax - A compulsory contribution legally exacted from persons, corporations, and other organizations by a government, for the support of government and the maintenance of public services; not including specific charges made against particular persons or property for current or permanent benefits and privileges accruing only to those paying such charges, such as licenses, permits, and specific assessments.

Tax, Ad Valorem - A tax levied on a base that is measured by value. Note: This term is often used to refer only to property taxes or to general property taxes, although technically it is applicable to income taxes, ad valorem tariffs, special property taxes, and so on.

Tax Base, Property – The total of all the assessed values in a given community.

Tax Deed – A deed that conveys title to a property purchased at a tax sale; may or may not convey absolute title, free of all prior claims and liens, depending on state law.

Tax Estimator – A calculator used for an estimate of taxes for a specific address or for a hypothetical purchase of a property within a municipality. In addition, it can simultaneously account for any Save Our Homes portability benefit that may be transferred to a different property while performing a tax estimate.

Tax Exempt Property - Property entirely excluded from taxation because of its type or use. The most common examples are religious, charitable, educational, or governmental properties. This definition omits property for which the application of an exemption reduces net taxable value to zero.

Tax Increment Finance (TIF) - The idea that property taxes, or other revenue, resulting from the increase in a tax base (for example, property values or retail sales) in a specific area can be used to repay the costs of investment in that area. Funds may be invested in various programs, such as public infrastructure improvements or land write down subsidies to private investors.

Tax, Property - Any tax that is imposed on persons on account of their ownership or possession of property and is measured by the number of units, the value, or some presumptive evidence of number of units or value, of such property. Note: This tax is generally, but not necessarily, intended to be a direct, proportional ad valorem tax.

Tax Rate - (1) The amount of tax stated in terms of a unit of the tax base, for example, 30 mills per dollar, 2 percent, 2 cents per gallon. (2) For the property tax, the percentage of assessed value at which each property is taxed in a given district.

Tax Roll – The official list of all taxpayers subject to property tax, the amounts of their assessments, and the taxes due. In property taxation, the tax roll is sometimes combined with the assessment roll into a single document.

Tax District – (1) In general, a state or any political subdivision thereof having or exercising the power to levy taxes. (2) As applied to property taxes, any area, whether coterminous with or within a state or a political subdivision thereof, within which the tax rate levied by such state or political subdivisions is required by law to be uniform on properties of the same class. (IAAO)

Taxable Value - The value of a property according to the tax rolls in ad valorem taxation; may be higher or lower than market value, or based on an assessment ratio that is a percentage of market value.

Tenancy, Joint - A state of tenancy involving two or more persons owning undivided possessory interests which have arisen out of a single conveyance, no one of the tenants being free to create interests in the estate without the consent of the others, and the surviving tenants acquiring the interest of any tenant who may die.

Tenancy by the Entirety - A state of tenancy, recognized by some states, in which the husband and wife are considered as a single person, neither one being free to create interests in the estate without the consent of the other and the survivor acquiring the whole interest upon the death of either.

Tenant – One who holds or possesses real estate by any kind of right or title; commonly a person who occupies and uses the property of another under a lease.

Tenants in Common - A state of tenancy involving two or more persons owning undivided possessory interests that have arisen out of separate and distinct conveyances, any one of the tenants being free to create interest in his portion of the estate and the heirs or devisees acquiring the interest of any tenant who may die.

Three Approaches to Value - A convenient way to group the various methods of appraising a property. The cost approach encompasses several methods for estimating replacement cost new of an improvement less depreciation plus land value. The sales comparison approach estimates values by comparison with similar properties for which sale prices are known. The methods included in the income approach are based on the assumption that value equals the present worth of the rights to future income.

Time-Share Unit - A residence, usually a condominium at a vacation or resort site, whose ownership is divided among the owners by weeks or months, giving each owner the right to occupancy for a specified time each year.

Title Search - An examination of public records to ensure the quality of the seller’s title to a property. Preparation of an abstract of title requires a complete title search, as does preparation to foreclose on a property in a delinquent tax suit.

TRE: Trustee - One who holds legal title to property under a trust agreement whereby the owner of property (the settlor) transfers legal title to a second party (the trustee), such property to be held, managed, or disposed of for the benefit of a third party (the beneficiary) or the settlor, or both, as set forth in the trust agreement.

Township - An approximately thirty-six-square mile division of land used in the Federal Rectangular Survey System. Townships are bounded by two successive range lines on the east and west and two successive township lines on the north and south.

Trust - An agreement whereby the owner of property (the settlor) transfers legal title to a second party (the trustee), such property to be held, managed, or disposed of for the benefit of a third party (the beneficiary) or the settlor, or both, as set forth in the trust agreement.

Trust Deed – A deed that establishes a trust, an instrument that conveys legal title to a property to a trustee, stating the trustee’s authority and the conditions that bind the trustee in dealing with the property.

Trust Estate - The aggregate interests of a trustee in property of all sorts held under a trust agreement.

Truth in Millage (TRIM) Notice - An annual informational document detailing proposed property taxes, which governmental entity is responsible for the taxes levied and the amount of tax liability owed to each taxing entity. It enables the taxpayer to compare the prior year assessed value and taxes with the present year assessed value and proposed taxes. It also lets taxpayers compare the amount of taxes if there is no budget change for the upcoming year. The notice lists the date, time, and location of all budget hearings at which the taxing authorities will hear from the public. At these hearings, the taxing authorities establish the millage to be levied against the parcel of land shown on the TRIM notice. The notice also shows the deadline for filing a petition to protest the assessment and any denial of exemption.