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Glossary

 

Acreage - Any parcel of land measured in terms of acres.

Actual Year Built - The year an improvement is completed.

Ad Valorem - "According to Value." A method of taxation using the value of the property taxed to determine the tax amount.

Assessed Value - Value placed on a homesteaded property before any exemptions are deducted but after the property tax cap is factored. For non-Homestead properties, the assessed value is the value placed on a property after a 10 %  cap is factored. Assessed Value minus exemptions equals Taxable Value.

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.

Building Number - For parcels containing multiple buildings, the number assigned to each building.

Depth - Refers to the depth of a lot, a measurement from the front property line to the rear property line.

Exemption Amount - The dollar amount of an approved exemption.

Extra Features Description - A description of an improvement on a property, such as a pool, patio or additional room.

Improvement Value - The value placed on a building.

Instrument Owner - The person(s) listed on a deed, mortgage or other legal document.

Land Line Number - A designated line for each of several land classifications which may be found on a parcel.

Land Value - The estimated market value of the land.

Legal Description - The portion of the property record that defines a parcel's boundaries and its location in Palm Beach County.

Location Address - the situs or street address of a property.

Mailing Address - The address used by the property owner to receive mail regarding their property.

Market Value - The estimated price a willing buyer would pay and a willing seller accept, both being fully informed and the property exposed to the market for a reasonable period of time.

Municipality - An incorporated area of the county such as a City, Town or Village.

Name - The name of the property owner(s).

Non-Ad Valorem - A method of taxation that uses the size of a unit or the number of units to assess a fee for services, such as the Solid Waste Authority.

Official Record Book - The designated book where a document is recorded in the Official Records of the County.

Official Record Page - The designated page within an Official Records Book where is document is recorded.

Parcel or Property Control Number - A unique 17-digit number assigned to each parcel of land and each living unit within a condominium or cooperative. The PCN is used to locate and identify the parcel or unit.

Price - Refers to the actual price paid for a property.

Property Control Number - See Parcel Control Number

Quit Claim Deed - A deed operating as a release that is intended to give up any title, interest or claim the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.

Sales Date - The date a sale occurs as recorded on a deed.

Save Our Homes - Save Our Homes, also known as the 3% cap, is not a cap on taxes paid and applies only to residential properties with a qualified Homestead Exemption. The 3% cap limits the increase in the annual assessment of properties in Florida to 3% or to the percentage change in the National Consumer Price Index, whichever is less.

Subdivision - A division of a single parcel of land into smaller parcels.

Tax Year - The year taxes are being levied.

Taxable Value - The Assessed Value, less any exemptions.

Total Square Footage - The gross square footage of a parcel or improvement to a parcel.

Total Tax - The sum of all ad valorem taxes and non-ad valorem fees.

Unit Rate - The estimated market value contribution for each unit of an improvement.

Units - The number of units of an improvement, such as square foot or linear foot.

Year of Exemption - The year the exemption applies.

Zoning - The division of a city by legislative regulations into areas, specifying the uses allowed for the real property in these areas.

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