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Test 2 Vocab (Exceptions Excluded) Chapters 4 7 8 10 11

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Department
Finance
Course
FIN 3351
Professor
All Professors
Semester
Fall

Description
Chapter 41Advaloremtaxespropertytaxesthatarebasedonthemarketvalueoftheproperty2Affordablehousingallocationarequirementthatencouragesormandatesareasonableandfaircomponentofnewhousingconstructionforlowerincomefamilies3Assessedvaluethevaluedeterminedasthebasisonwhichanownerspropertytaxliabilityiscalculatedusuallyapercentageofmarketvalue4BoardofadjustmentinlocalzoninglawaboardofcitizensappointedbythegoverningbodytohearandmakedeterminationsonappealsforzoningvariancesTheboardofadjustmentsissomewhatuniqueinthatitsdeterminationsarefinalratherthanmerelyrecommendationstothegoverningbodyTheycanbeappealedonlyincourt5Comprehensiveplanalocalgovernmentsgeneralguidetoacommunitysgrowthanddevelopmentbasedonthecommunitysgoalsandobjectives6Concurrencytherequirementthatpublicfacilitiesandservicesincludingroadssewersandschoolsbeavailableatthesametimenewdevelopmentiscompleted7Condemnationthelegalprocedureinvolvedwitheminentdomaintherightofgovernmenttoacquireprivatepropertywithouttheownersconsentforpublicuseinexchangeforjustcompensation8DedicatedpropertytheconveyanceofpropertyfromaprivateownertogovernmentforpublicuseCommonexamplesarethededicationofstreetsparksorotherareastolocalgovernmentinthecourseofsubdivisiondevelopment9Economicandenvironmentalimpactstatementsstudiesoftheeffectthatanewdevelopmentwillhaveontheeconomyortheenvironmentoftheregion10Effectivetaxratethetaxliabilitydividedbythepropertysmarketvalueorsaleprice11EminentdomainthepowerofgovernmentintheUStotakeprivatepropertyforapublicpurposebypayingtheownerjustcompensation12Exclusionaryzoningzoningthattendstoexcludelowerincomegroupsandisprohibited13Externalitiestheunaccountedeffectsthatalanduseimposesonsurroundingparcels14Extraterritorialjurisdictioncontrolbyacommunityofanarealargerthanthecommunityorjurisdictionforplanningandzoningpurposesgrantedbythestatelegislaturewhichallowslocalgovernmentstoplanandcontrolurbandevelopmentoutsidetheirboundariesuntilannexationcanoccur15Growthmoratoriumatemporaryprohibitionoffurtherdevelopmentinacommunityorjurisdiction16Homesteadexemptionaprovisioninsomestatsthatallowsspecifiedtaxpayersusuallyownersoftheirprincipalfulltimeresidencestoapplyforadeductionofacertainamountfromthepropertysassessedvalueincalculatingtheannualpropertytaxliability17ImpactfeeafeechargedbyacommunityandpaidbyadeveloperthatiscommensuratewiththeexternalitiescreatedbyadevelopmentIntendedtocoverthedevelopmentsimpactonsuchthingsasroadssewersystemsschoolsandpoliceandfireprotection18Inversecondemnationactioninitiatedbyapropertyowneragainstthegovernmenttorecoverthelossinpropertyvalueattributedtogovernmentactivity19Justcompensationpaymenttoanownerforpropertytakenincondemnationproceedingsusuallythemarketvalueofthepropertytakenbythegovernmentinitsexerciseofeminentdomain20Millageratethedollarsoftaxper1000ofpropertyvalue
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