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real estate chapter six part 2

Terms

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impact fee
a fee charged by a community and paid by a developer that is commensurate with the externalities created by a development. Intended to cover the development's impact on such things as roads, sewer systems, schools, and police and fire protection
inverse condemnation
action, initiated by a property owner against the governemnt, to recover the loss in property value attributed to government activity
just compensation
payment to an owner for property taken in condemnation proceedings, usually the market value of the property taken by the government in its exercise of eminent domain
mills
units used to state amount of property tax assessment; the number of dollars per 1,000. Twenty mills means $20 per each $1000
millage rate
the dollars of tax per $1,000 of property value. For example, a millage rate of 20 means that a person owning a property having an assessed value of 100,000 would pay 20*100=$2,000 in tax
new urbanism
school of planning thought that seeks to revive residential neighborhood features of the pre-automobile era, including sidewalks; houses with front porches located close to streets; narrow, grid pattern streets; and supporting non-residential services interspersed within neighborhoods
non-conforming use
a land use inconsistent with current zoning classification, but which is permitted to remain because it predated the current zoning. To be allowed to remain, the use must be uninterrupted, and the property structures cannot be substantially improved
performance standard
an approach to land use control that addresses concerns for urban systems such as trafic, watershed, green space, air quality or other aspects of the environment thru limits to detrimental activities
planned unit development
a development project, often involving a mixture of land uses and densities not permitted by normal zoning. It is allowed because the entire development is viewed as an integrated whole
public purpose
in eminent domain cases, expansion by courts of the public use concept, no longer requiring actual physical use by the condemning agency to take property.
public use
in eminent domain, requirement of actual physical use by the condemning agency to justify condemnation
regulatory taking
undder precedents of the U.S. supreme court, the degree of land regulation that is considered to constitue effective taking of the property. If this degree of regulation is reached, the government must compensate the property owner for loss of value
smart growth
planning concept similar to new urbanism, and also emphasizing 'compact' urban development
special assessments
property taxes levied to finance special improvements to benefit adjacent property owners. For example, property owners in a subdivision could be forced to pay for the installation of sanitary sewers
taxable value
the assessed value less any applicable exemptions, to determine the amount of property tax owed.

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