Glossary of Terms:
Actual Value: That value determined by appropriate consideration of the cost approach, the market, and the income approach to appraisal.
Ad valorem tax: A property tax based on the assessed value of the property, which is not necessarily equivalent to it's market value.
Assessed Value: A percentage of the property's actual value, as determined by the Colorado Constitution and statutes, also known as the assessment ratio.
Assessment Ratio: The relationship between assessed value and market value. The residential assessment ratio in Colorado is 7.15% , primary oil/gas production is 87.5% and all other property is 29%.
Deed: A written, legal instrument that conveys interest in real property when executed and delivered(e.g. bargain & sale deed, quit claim deed, warranty deed).
Grantee: A person to whom property is transferred by deed or to whom property rights are granted by a document.
Grantor: A person who transfers property by deed or grants property rights through a document.
Guaranteed Title: A title whose validity is insured by an abstract, title, or indemnity company.
Intestate: The condition of dying without leaving a valid will.
Joint Tenancy: Joint ownership by two or more persons with the right of survivor ship.
Legal Description: A description of land that identifies the real estate according to a system established by law; an exact description that enables the real estate to be located and identified.
Legal Owner: The owner of title, as distinguished from the holders of other interests, e,g., beneficial or possessory interests.
Mill Levy: A tax rate expressed in tenths of a cent; e.g., a tax rate of one mill per thousand means $1 of taxes per $1000 of assessed value.
Notice of Valuation: The Assessor must notify the property owner of any change in value. The "NOV" is mailed no later than May 1st for real property and June 15th for personal property each year. This provides the property owner with the opportunity to appeal the value. To sign up for electronic NOVs click here.
Owner of Record: The owner of title to a property as indicated by public records.
Parcel: A piece of land of any size in one ownership.
Parcel Number: A code number that serves as an abbreviation of a parcel's legal description; used to store data in an information system.
Plat: A plan, map or chart of a city, town, section, or subdivision indicating the location and boundaries of individual properties.
Real Estate: Physical land and appurtenances attached to the land, e.g., structures. An identified parcel or tract of land, including improvements, if any.
Real Property: All interests,benefits, and rights inherent in the ownership of physical real estate; the bundle of rights with which the ownership of the real estate is endowed.
Recording: The filing of a copy of a legal document, e.g., a deed, at the Office of the Clerk & Recorder, creating a public record of this document for the protection of all concerned.
Right of: Right of surviving joint tenant to acquire the interest of the deceased joint
Survivorship: tenant in joint tenancies without any probate proceedings.
Situs: In real estate, the physical location of a property.
Special Assessment: An assessment against real estate levied by a public authority to pay for public improvements, e.g., sidewalks, sewers, street improvements, etc. or an amount levied against individual owners in a condominium or cooperative to cover their proportionate shares of a common expense.
Special Districts: Special service governments created to provide a particular service, e.g.,economic development districts, water resource management districts.
Tax District: A political subdivision of one or more assessment districts where a governmental unit has the authority to levy taxes.
Tax Exemption: Total exemption from tax; granted to educational, charitable, religious, and other non profit organizations.
Tax Lien: A lien that is automatically attached to property in the amount of its unpaid property taxes.
Taxing Entity: Political subdivision of the state with the power to levy tax on property that lies within its geographical boundaries.
Tenancy in: An estate held by two or more persons, each of whom has an undivided common interest.
Title: The combination of all elements that constitute proof of ownership.
Undivided Interest: Fractional ownership without physical division into shares,
Unimproved Land: Vacant land or land that lacks the essential, appurtenant improvements required to make useful.