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| Classified property tax system - (1) A system intended by law to tax various kinds of property at different effective tax rates . Thus two different kinds of property worth the same amount of money have different tax bills. Although this could be done by applying different tax rates to different kinds of property that share a common assessment ratio , the usual approach is to apply a uniform tax rate to all properties and establish by law what the assessment ratio should be for each class of property. (2) Loosely, by extension, a set of assessment practices that has this result contrary to laws requiring uniformity. |
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| Coding - The act of reducing a description of a unique object, such as a parcel of real estate, to a set of one or more measures or counts of certain of its characteristics, such as square footage, number of bathrooms, and the like. Encoding, a related term, is usually used to refer to the act of translating coded descriptions useful to human beings into a form that can be processed by computer. Coding is sometimes also used to refer to the writing of instructions that direct the processing done by computers. |
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| Coefficient - A number of quantity generally placed before and multiplying another quantity, as 5 in the expression 5x, or a dimensionless statistic, useful as a measure of change or relationship; for example, correlation coefficient . |
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| Coefficient of concentration - The percentage of observations falling within a specified percentage (say, 15 percent) of a measure of central tendency . |
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| Coefficient of determination (R 2 ) - A statistic that characterizes two or more sets of numbers. The coefficient of determination, when multiplied by 100, gives the percentage strength of the (linear) relationship between or among the sets of numbers. (see also correlation.) For two variables, the coefficient of determination and the square of the correlation coefficient are identical; for three or more variables, the coefficient of determination measures the strength of the relationship between the dependent variable and all the independent variables combine. |
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| Coefficient of dispersion (COD) - The average deviation of a group of numbers from the median expressed as a percentage of the median. In ratio studies , the average percentage deviation from the median ratio |
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| Coefficient of variation (COV) - The standard deviation expressed as a percentage of the mean . |
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| Commercial paper - Short-term promise to pay issued by a corporation. |
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| Comparables; Comparable sales - Recently sold properties that are similar in important respects to a property being appraised. The sale price and the physical , functional, and location characteristics of each of the properties are compared to the property being appraised in order to arrive at an estimate of value. By extension, the term comparable is sometimes used to refer to properties with rent or income patterns comparable to a property being appraised. |
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| Comparative unit method - (1) A method of appraising land parcels in which an average or typical value is estimated for each stratum of land. (2) A method of estimating replacement cost in which all the direct and indirect costs of a structure (except perhaps architect's fees) are aggregated and specified with reference to a unit of comparison such as ground area, floor area, or cubic content. Separate factors are commonly specified for different intervals of the unit of comparison and for different story heights, and separate schedules are commonly used for different building types and quality classes . |
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