| Tangible property - Actual physical property ( real or personal) in contrast to intangible property. |
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| Tax base - The total of all the assessed values in a given community. |
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| Tax levy - See property tax levy. |
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| Tax rate - The percentage of assessed value at which each property is taxed in a given district. Levy divided by the net assessed value equals tax rate. |
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| Terminal - The on-line device used to communicate with a computer. |
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| 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 of an improvement less depreciation plus land value. The sales comparison approach estimates values by comparison with similar properties for which sales 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. |
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| Time-adjusted sale price - The price at which a property sold adjusted for the effects of price changes reflected in the market between the date of sale and the date of analysis. |
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| Time value of money - The principle that an amount of money receivable or anticipated as income in the future is always worth less than an equal amount actually in hand at the present time. |
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| Title - The union of all elements constituting proof of ownership or the instrument that is evidence of ownership. |
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| Tolerance - An acceptable margin of error or inaccuracy. |
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