| Absolute Net Lease | A lease in which the tenant pays all expenses including structural maintenance, building reserves, and management; often a long-term lease to a credit tenant.
Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Actual Gross Income | Income from all operations of the real property (not to be confused with business income). |
| Actual Use Code | This three digit BC Assessment code (abbreviated AUC), denotes a property's primary use. Each property record can have only one primary actual use code.
Source: BC Assessment 2021. |
| Actual Value | Means the market value of the fee simple interest in land and improvements
Source: Assessment Act 1996.
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| Additional Rent | Additional rent is any and all charges besides base rent the tenant must pay according to the terms of the lease. Examples of additional rent include a proportional share of building operating expenses.
Source: Building Owners and Managers Institute (BOMI). Leasing Reference Guide. 1st Edition. Annapolis, MD: BOMI; 2005. |
| Address | A location, expressed in terms of a conventional spatial reference scheme, at which a property or person may be found.
Source: International Association of Assessing Officers. Glossary for Property Appraisal. 2nd ed. Kansas City, Missouri: International Association of Assessing Officers; 2013.
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| Advocate | |
| Agent | An individual who acts on behalf of a party to the appeal.
Source: BC Assessment 2021.
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| Agreement for Sale | A contract for the sale of an interest in land under which the purchaser agrees to pay the purchase price over a period of time, in the manner stated in the contract, and on payment of which the vendor is obliged to convey the interest in land to the purchaser.
Source: Law and Equity Act 1996.
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| Agricultural Land Reserve (ALR) | Means the total of all agricultural land in British Columbia.
BCA Note: Although the Classification of Land as a Farm includes special provisions for ALR land, ALR designation and farm classification are two separate determinations. Land classified as farm does not have to be in the ALR, and land in the ALR does not automatically qualify for farm class.
Source: Agricultural Land Commission Act 2002.
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| Alternative Use | A use other than the existing use of a property; or one of several alternative uses analyzed to determine the highest and best use of the property.
Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Anchor Tenant | A classification of shopping center tenant in which the store is a major store such as a chain store or major department store that (1) generates a high amount of retail customer traffic, (2) has substantial economic strength (i.e., creditworthiness), and (3) occupies a large space within the shopping center relative to other tenants. A freestanding store under different ownership on a nearby or adjacent parcel that has the characteristics of an anchor store is sometimes called a shadow anchor store.
Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Appeal Management Conference | |
| Appellant | |
| Apportionment | Distribution of portions of a state-assessed unit value to taxing jurisditions.
Source: International Association of Assessing Officers. Glossary for Property Appraisal. 2nd ed. Kansas City, Missouri: International Association of Assessing Officers; 2013. |
| Appraiser | A property valuator appointed under the Assessment Authority Act.
Source: Assessment Act 1996. |
| Assessment - Sale Price Ratio (ASR) | The ratio of the assessed value to the sale price (or adjusted sale price) of a property.
Source: International Association of Assessing Officers. Glossary for Property Appraisal. 2nd ed. Kansas City, Missouri: International Association of Assessing Officers; 2013. |
| Assessment Policy | An Assessment Policy is a compendium of information for uniform implementation of the Assessment Act and related Regulations.
Source: BC Assessment 2021. |
| Assessment Roll | Includes a revised assessment roll, a supplementary assessment roll and any amendments made under sections 63 and 65 (10).
BCA Note: It lists all properties that are subject to assessment within a municipality or rural area. The Assessment Authority Act (BC Reg 497/77) list the information that must be contained in the Assessment Roll. This includes the name and address of the assessed owner, a description of the property's location (legal description and/or property address), and the actual value and classification of land and improvements.
Source: Assessment Act 1996. |
| Assessor | An assessor appointed under the Assessment Authority Act.
Source: International Association of Assessing Officers. Glossary for Property Appraisal. 2nd ed. Kansas City, Missouri: International Association of Assessing Officers; 2013. |
| Asset | Any owned property that has value, including financial assets (cash or bonds) and physical assets (real and personal property. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Attic | A room built within the sloping roof of a dwelling. May be finished or unfinished. |
| Base Rent | Base rent is the monthly recurring rental charges stated in the lease. Base rent may include an escalation formula. The purpose of this rent is to pay the owners’ debt service, cover depreciation expense, and provide a rate of return on the investment. Source: Building Owners and Managers Institute (BOMI). Leasing Reference Guide. 1st Edition. Annapolis, MD: BOMI; 2005. |
| Boundary Extension/Change | Extensions or changes in municipal, school district, regional hospital district, regional district, improvement district, assessment area, or electoral area boundaries. Source: BC Assessment 2021. |
| Building Scheme | A scheme of development that comes into existence where defined land is laid out in parcels and intended to be sold to different purchasers or leased or subleased to different lessees, each of whom enters into a restrictive covenant with the common vendor or lessor agreeing that his or her particular parcel is subject to certain restrictions as to use, the restrictive covenants constituting a special local law applicable to the defined land and the benefit and burden of the covenants passing to, as the case may be, the purchaser, lessee or sublessee of the parcel and his or her successors in title. Source: Land Title Act 1996. |
| Campground | Campsite facility with individual recreational hook-ups for water, electric and other utilities. Communal bath houses and laundries are also typically available. High amenity camps include more extensive hook-ups such as telephone and cable as well as communal pool and planned events and child activity programs. Typically located in a resort location or wilderness recreation area. Source: Appraisal Institute. Version 2.0 - Appraisal Institute Commercial Data Standards [Internet]. 2004 [revision 14 May 2004; cited 2021 Dec 17] Available from: http://www.redi-net.com/adn_db/AI_standards.pdf |
| CANPAP | Canadian Standards of Professional Appraisal Practice. Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/ |
| Capital Assets | Assets of a permanent nature used to produce income, e.g., land, buildings, machinery, equipment. In accounting, the liquid or readily convertible assets of a corporation as of a certain date, e.g., cash, accounts receivable, merchandise inventories. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Capital Cost Allowance (CCA) | The deduction you can claim over a period of several years for the cost of depreciable property, that is, property that wears out or becomes obsolete over time such as a building, furniture, or equipment, that you use in your business or professional activities. |
| Capital Expenditure | Investments of cash (or the creation of liability) to acquire or improve an asset, e.g., land, buildings, building additions, site improvements, machinery, equipment; as distinguished from cash outflows for expense items that are normally considered part of the current period’s operations. Also referred to as cap ex. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015.
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| Capital Expense | The expenses that a property owner occasionally incurs that are required to upgrade the property or make capital replacements; also called capital charge. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Capital Recapture | The return of an investment as distinguished from the return on an investment. Invested capital may be recaptured through annual income or it may be recaptured all or in part through sale or refinancing of the property. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015.
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| Capitalization Rate - Economic | Ratio of one year’s net operating income provided by an asset to the value of the asset; convert income into value in the application of the income capitalization approach Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015.
|
| Capitalized Economic Profit (CEP) | The present worth of an entrepreneur's economic profit expectation from being engaged in the activity of acquiring an asset, or collection of assets, at a known price and then selling, or being able to sell, the same asset or collection of assets at a future uncertain price. The amount of the entrepreneur's expected economic profit, and consequent CEP, is determined by the nature of the risks taken and/or the expected return to the entrepreneur's innovation. CEP is the value of a residual claim, which is subordinate to the opportunity cost claims of all agents of production employed by the business (e.g., land, labour, and/or capital). Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 4th Edition. Chicago: Appraisal Institute; 2002. |
| Cemetery Services | The operation of a place of interment or crematorium and the disposition of human remains by interment or cremation and includes the supply of goods incidental to and as a part of interment or cremation, but does not include the sale of rights of interment. Source: Cremation, Interment and Funeral Services Act 2004. |
| Charge | An estate or interest in land less than the fee simple and includes (a)an estate or interest registered as a charge under section 179, and (b)an encumbrance. Source: Land Title Act 1996.
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| Chattels | An article of personal property, as distinguished from real property. Chattels such as furnishings, boats and motors and generators are customarily part of a resort property, and are normally included in the sale of a resort. Source: BC Assessment 2021.
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| Coefficient of Dispersion (COD) | 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. Source: International Association of Assessing Officers. Glossary for Property Appraisal. 2nd ed. Kansas City, Missouri: International Association of Assessing Officers; 2013. |
| Commercial Retail Unit (CRU) | A smaller tenant within a Shopping Centre typically occupying less than 30,000 sq ft of space. CRUs may be national, local chains or independent and are generally further defined according to the following tenant classifications: General Merchandise, Food, Food Service, Clothing & Accessories, Shoes, Home Furnishings, Home Appliances/Music, Building Materials/Garden, Automotive, Hobby/Special Interest, Gifts/Specialty, Jewellery, Liquor, Drugs, Misc Retail, Personal Services, Entertainment/Community, Financial, Offices. Source: BC Assessment 2021. |
| Common Area | Any part of residential property the use of which is shared by tenants, or by a landlord and one or more tenants. Source: Residential Tenancy Act 1998. |
| Common Area Maintenance (CAM) Charges | The expense of operating and maintaining common areas of the property; typically used for retail shopping center properties. The common area is the total area within a property that is not designed for sale or rental, but is available for common use by all owners, tenants, or their invitees, e.g., parking and its appurtenances, malls, sidewalks, landscaped areas, recreation areas, public toilets, truck and service facilities. |
| Common Asset | (a) personal property held by or on behalf of a strata corporation, and
(b) land held in the name of or on behalf of a strata corporation, that is
(i) not shown on the strata plan, or
(ii) shown as a strata lot on the strata plan. Source: Strata Property Act 1998. |
| Common Property | Part of the land and buildings shown on a strata plan that is not part of a strata lot.
Source: Strata Property Act 1998.
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| Community Care Facility | A premises or part of a premises (a) in which a person provides care to 3 or more persons who are not related by blood or marriage to the person and includes any other premises or part of a premises that, in the opinion of the medical health officer, is used in conjunction with the community care facility for the purpose of providing care, or
(b) designated by the Lieutenant Governor in Council to be a community care facility. Source: Community Care and Assisted Living Act 2002. |
| Competitive Market Set | The range of properties of a specific type which a typical buyer or seller (investor) would normally consider as alternatives for comparison of investment opportunities. Source: BC Assessment 2021.
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| Complaint | Written notice from the property owner, assessor, or other party requesting a review of the assessment by the Property Assessment Review Panel. According to section 33(3) a notice of complaint must:
(a) clearly identify the property in respect of which the complaint is made,
(b) include the full name of the complainant and a telephone number at which the complainant may be contacted during regular business hours,
(c) indicate whether or not the complainant is the owner of the property to which the complaint relates,
(d) if the complainant has an agent to act on the complainant's behalf in respect of the complaint, include the full name of the agent and a telephone number at which the agent may be contacted during regular business hours,
(e) include an address for delivery of any notices in respect of the complaint,
(f) state the grounds on which the complaint is based under section 32 (1), and
(g) include any other prescribed information. Source: Assessment Act 1996. |
| Completed Roll | The Assessment Roll produced December 31 for the following year. Source: BC Assessment 2021.
|
| Condition | The extent of physical deterioration evident in the subject improvement. Three categories of building components constitute the condition of an improvement:
• items in need of immediate repair (e.g. deferred maintenance such as peeling paint, loose tiles, cracked sidewalks);
• items that may be repaired or replaced at a later time (e.g. short –lived items such as floor finishes, roof coverings, carpeting, water heater); and,
• items that are expected to last the full economic life of the improvement (e.g. long-lived items such as plumbing fixtures, electric wiring, ducts, radiators).
Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002.
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| Confidential Property Information | Source: BC Assessment 2021. |
| Consistent Use | The concept that the marketplace values the land and improvements of a property based on the same use. Appraisers must address the concept of consistent use when properties have temporary or ‘interim’ uses. Improvements which may not represent the land’s highest and best use, but have substantial remaining physical lives, can have an interim use of temporary value, no value at all, or even negative value if their removal will incur substantial costs. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Contact Information | Information to enable an individual at a place of business to be contacted and includes the name, position name or title, business telephone number, business address, business email or business fax number of the individual. Source: Personal Information Protection Act 2003.
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| Contaminated Sites | An area of the land in which the soil or any groundwater lying beneath it, or the water or the underlying sediment, contains a prescribed substance in quantities or concentrations exceeding prescribed risk based or numerical (a) criteria, (b) standards, or (c) conditions. Source: Environmental Management Act 2003.
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| Contiguous | Sharing a property boundary; adjacent. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Cost to Cure | Estimated cost to correct or replace a component or defect within a property. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Crawl Space | An unfinished, accessible space below the first floor of a structure; differs from a basement in that a crawl space is usually less than a full story in height. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Crown Grant | An instrument in writing conveying Crown land in fee simple. Source: Land Act 1996. |
| Crown Land | Land, whether or not it is covered by water, or an interest in land, vested in the government. Source: Land Act 1996. |
| C-Store | Refers to a convenience store of a retail outlet, typically located in proximity to a residential neighbourhood, where convenience goods can be purchased; provides a convenient location and longer hours for the quick purchase of a wide variety of consumable goods and services. Also referred to as Mini-Convenience, Limited-Selection, Traditional, Expanded or Hyper Convenience Stores.
Convenience stores have six identifiable formats (National Association of Convenience Stores):
• Kiosk 500-800 square feet or less (typically very limited merchandise)
• Mini Convenience Store: 800-1,200 square feet
• Limited-Selection Convenience Store: 1,500-2,200 square feet
• Traditional Convenience Store: 2,400-2,500 square feet
• Expanded Convenience Store: 2,800-3,600 square feet
• Hyper Convenience Store: 4,000-5,000 square feet
Source: BC Assessment 2021.
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| Cut Timber Value | The value of timber based on species and grade for the folio. Cut Timber value does not include land value. Source: BC Assessment 2021. |
| De Minimis Improvement | An improvement that is so inconsequential in size or value that, in law and practice, it does not make sense to separately assess it. Source: BC Assessment 2021. |
| Deficit Rent | The amount by which market rent exceeds contract rent at the time of the appraisal; created by a lease favorable to the tenant, resulting in a positive leasehold, and may reflect uninformed or unusually motivated parties, special relationships, inferior management, a lease executed in a weaker rental market, or concessions agreed to by the parties. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Depreciation | Is the difference between the market value of an improvement and its reproduction or replacement cost at the time of appraisal. There are three components of depreciation. Physical deterioration - wear and tear from regular use and the impact of the elements. Functional Obsolescence - a flaw in the structure, materials, or design that diminishes the function, utility, and value of the improvement. External Obsolescence - a temporary or permanent impairment of the utility or salability of an improvement or property due to negative influences outside the property. (External obsolescence may result from adverse market conditions. Because of its fixed location, real estate is subject to external influences that usually cannot be controlled by the property owner, landlord or tenant.) Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002.
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| Deregistration | The Deregistration form indicates that the owner has declared the MH is now permanently attached to the land and is no longer in the MH registry. This form indicates the ownership of the Manufactured Home and the land is the same, and the owners wish to have the Manufactured Home exempted from the Manufactured Home Act. When a property with a deregistered Manufactured Home sells, the mobile is deemed to be sold with the land as a fixture. If the owner wants to move the Manufactured Home, they will have to re-register the MH with Manufactured Home Registry. Source: BC Assessment 2021. |
| Design | Design is the arrangement of elements or details in a structure. “Good design meets the following criteria:
• Functions well – fitness of intended use
• Looks good – appeals to aesthetic sense
• Feels good – carries meaning; recreates feeling from another time or place
• Balance – sense of correct proportion; compatibility
• Affordable – consistent with market expectations for price range”
An example of design is the combination of layout and choices of appliances, materials and colours in a kitchen (or an entire house). Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Developing Farm | A farm classified in accordance with section 8 Classification as a developing farm 8 (1) The assessor must, for a taxation year, classify all or part of a parcel of land of a farm operation as a farm if the assessor is satisfied that, on or before October 31, (a) the land is being developed for a qualifying agricultural use, (b) the land does not meet the applicable requirements of section 5, and (c) the requirements in subsections (2) to (7) of this section that relate to the applicable qualifying agricultural products are met. Source: Classification of Land as a Farm Regulation 1995. |
| Development Cost Charges (DCC's) | A charge imposed by a development cost charge bylaw. Source: Local Government Act 2015. |
| Development Land | Property, which has a highest and best use for development into a higher density use, generally through subdivision (e.g. residential subdivision).
Source: BC Assessment 2021.
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| District Lot Number | A number used to identify a district lot that forms part of the legal description. Source: BC Assessment 2021. |
| Dormer | A projection from a sloping roof to provide more headroom under the roof and allow the installation of dormer windows. |
| Driving Range | Golf practice facility that consists of a range area and a tee area. Users hit/drive practice balls from the tee area into the range where they can be gathered by the range operator for reuse. |
| Due Diligence | In a property acquisition or investment transaction, the standard investigation of contractual terms and property and market characteristics prior to closing the transaction. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Dwelling | A structure designed or occupied as the living quarters of one or more households; usually equipped with cooking, bathing, toilet, and heating facilities, where necessary. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Earlier Reporting Period | In respect of a person, for a taxation year, means the person's income tax year ending in the calendar year that is 3 years before the taxation year Source: Classification of Land as Farm Regulation 1995. |
| Easement | An easement may be described as a right to the use of, or a right to restrict the use of, the land of another person in some way. An easement may be positive or negative. A positive easement gives an owner a right to do some positive act on another owner’s land, for example, to drive a car over a neighbour’s land, or to erect a sign over a neighbouring owner’s store. A negative easement imposes a restriction on the use an owner may make of his or her land. For example, an owner may be restricted from building so as to block light from a neighbour’s window, or from removing the supporting soil next to the boundary of a neighbour’s property. The registrar of the Land Title and Survey Authority endorses a negative easement as a restrictive covenant. Source: BC Assessment 2021. |
| Economic Life | The period during which a given tangible asset, building, or other improvement to property is expected to contribute (positively) to the value of the total property. This period is typically shorter than the period during which the improvement could be left on the property, that is, its physical life. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Effective Age | The age indicated by the condition and utility of a structure and is based on an appraiser’s judgement and interpretation of market perception. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Electoral Area | An electoral area in a regional district as specified by the letters patent for the regional district. Source: Local Government Act 2015. |
| Electrical Power Generating Properties (EPGs) | EPG properties include dams, power plants and substations as defined in section 20.1 of the Assessment Act as well as associated improvements. Not included in this definition are transmission lines valued by Assessment Authority Rates and electrical power production facilities which comprise part of a Major Industrial plant. Source: BC Assessment 2021. |
| Electrical Power Group (EPG) | EPG properties include dams, power plants and substations as defined in section 20.1 of the Assessment Act as well as associated improvements. Not included in this definition are transmission lines valued by Regulated Rates and electrical power production facilities which comprise part of a Major Industrial plant. Source: BC Assessment 2021. |
| Electronic Signature | A signature in electronic format that is (a) created by a subscriber using a private cryptographic key under the control of the subscriber that corresponds to a public cryptographic key contained in a certificate, or (b) recognized by the Surveyor General; Source: Land Act 1996. |
| Encroachment | The unauthorized trespassing of an improvement on the domain of another person’s land. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Environmental Risk Assessment Report | A report which identifies the potential onsite and offsite environmental risks of any substances causing contamination before and after remediation, and procedures, including monitoring, designed to mitigate any significant potential risks identified in paragraph. Source: Contaminated Sites Regulation 1997. |
| Equity | Equity in a real property taxation system will result when owners of properties that have the same value, in any one community, pay the same property tax. A prerequisite for equity in property taxation is uniformity in assessment.
Section 9 of the Assessment Authority Act provides that:
The purpose of the authority is to establish and maintain assessments that are uniform in the whole of British Columbia in accordance with the Assessment Act.
Sections 38(1) and 57(1) of the Assessment Act charges the Property Assessment Review Panel and the Property Assessment Appeal Board, respectively, with ensuring that assessments are at actual value applied in a consistent manner in the municipality or rural area.
Source: BC Assessment 2021. |
| Escalation | A clause in a lease providing for an increased rental at a future time. May be accomplished by several types of clauses, such as:
(1) fixed increases -- a clause which calls for a definite, periodic rental increase;
(2) cost of living -- a clause which ties the rent to a government cost of living index, with periodic adjustments as the index changes;
(3) direct expense -- the rent adjusted according to changes in the expenses of the property paid by the lessor, such as tax increases, increased maintenance costs, etc. Source: BC Assessment 2021. |
| Excess Land | Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately and is valued separately. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Excess Rent | The amount by which contract rent exceeds market rent at the time of the appraisal; created by a lease favorable to the landlord (lessor) and may reflect unusual management, unknowledgeable or unusually motivated parties, a lease execution in an earlier, stronger rental market, or an agreement of the parties. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Expert Witness | A witness qualified by knowledge, skill, experience, training, or education to provide a scientific, technical, or other specialized opinion about the evidence or the facts. An expert witness may provide not only factual evidence but may also offer opinions with regards to the issue (such as value). An expert witness has a special duty to the tribunal or court to present fair, objective and non-partisan assistance. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| External Obsolescence | A type of depreciation; a diminution in value caused by negative external influences and generally incurable on the part of the owner, landlord, or tenant. The external influence may be either temporary or permanent. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Farm | An area of land classified as such under the Assessment Act. Source: BC Assessment 2021.
|
| Farm Application | The General Application for Farm Classification is a regulated application form (available at www.bcassessment.ca or any BCA office) that must be completed by property owner seeking farm classification. The form provides information necessary to determine if the land will be eligible for farm classification. The deadline for application is October 31. Refer to: section 3(1), Classification of Land as a Farm Regulation. Property owners seeking farm classification on land used for a retired farmer's dwelling must apply annually using the Retired Farmer's Dwelling Land Application. Source: BC Assessment 2021. |
| Farm Building | An improvement on land classified as a farm that is eligible for farm building exemptions under the Community Charter section 220(1)(n); the Taxation (Rural Area) Act section 15(1)(f), and the School Act section 131(4). Source: BC Assessment 2021. |
| Farm Classification | Under the Classification of Land as a Farm Regulation, a farm is all or part of a parcel of land used for:
a) a qualifying agricultural use;
b) a farmer’s dwelling; or
c) the training and boarding of horses when operated in conjunction with horse rearing. Source: BC Assessment 2021. |
| Farm Development Plan | A plan filed with the Assessor under section 8 of the Classification of Land as a Farm Regulation. Source: BC Assessment 2021.
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| Farm Gate Amount | The total of the following amounts received by a producer: (a)the amount from a sale of a qualifying agricultural product (i) in the case of a qualifying agricultural product other than a product referred to in subparagraphs (ii) to (iv), supported by (A) written evidence of the sale price, or (B) in the absence of written evidence, the sale prices of comparable products sold locally, (ii) in the case of livestock that has been raised, supported by written evidence of any of the following, as applicable: (A) the live weight price of the livestock, not including the slaughter and cut and wrap costs; (B) the live weight price applied to the weight gained by the livestock while being raised on the producer's farm operation; (C) the difference between the purchase and sale prices of the livestock, (iii) in the case of a horticultural crop that is purchased and transplanted or moved to the producer's farm operation for further growth, and is subsequently sold, supported by written evidence of the difference between the purchase and sale prices of the crop, or (iv) in the case of a breeding product, supported by written evidence of the sale price; (b) in the case of a qualifying agricultural product, other than a breeding product, that, because of loss or damage to the product, is not sold, the amount of any indemnity payment, supported by written evidence of the payment; (c) the amount of the fee for a horse stud service provided, supported by written evidence of the fee paid. Source: Classification of Land as a Farm Regulation 1995.
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| Farm Gate Price | The price received by the producer(a) from the sales of primary agricultural production as evidenced by (i) receipts for those sales,(ii) the appropriate local price or prices shown in the farm price guide issued by the assessment authority, or(iii) statements from crop and livestock insurance payments,(b) in the case of livestock(i) the live weight price received for livestock but not including the killed or dressed prices,(ii) the live weight price applied to the weight gained by livestock while being raised on the farm, or(iii) the difference between the purchase and sale prices of each animal raised on the farm, and(c) in the case of horticultural crops that are purchased and transplanted or moved to the farm for further growth, the difference between the purchase and sale prices of the crops. Source: Classification of Land as a Farm Regulation 1995. |
| Farm Income Ratio | Actual Income/Required (Threshold) Income = Income Ratio Source: BC Assessment 2021. |
| Farm Land | A farm as defined in the Assessment Act. BCA Note: A classification of land for assessment purposes. Farm land must meet the requirements of the Classification of Land as a Farm Regulation (e.g., produce a prescribed amount of qualifying agricultural products for sale such as crops or livestock; meet the criteria to qualify as a developing farm; etc.). In addition, some vacant land which is part of a farmed parcel may also qualify as farm land. Source: Assessment Act 1996. |
| Farm Lease | A written agreement for the rental of all or part of one or more parcels of land. Written leases are required. The lease document must contain all the statutory requirements of section 7 of the Classification of Land as a Farm Regulation. Land may be eligible for farm classification when a property owner leases all or part of his property to a farmer for the purposes of qualifying agricultural production. The land must make a reasonable contribution to the lessee's farm operation. Source: BC Assessment 2021. |
| Farm Outbuilding | A farm improvement, other than the farmer's dwelling, that is exclusively used to operate a farm. Farm outbuildings are classified as residential. Source: BC Assessment 2021. |
| Farm Product | A qualifying agricultural product of a qualifying agricultural use as defined in section 1(1) and the Schedule to the Classification of Land as a Farm Regulation. Source: BC Assessment 2021. |
| Farmer | For the purposes of determining whether a dwelling is a farmer's dwelling, a farmer is someone who is actively involved in the day-to-day operation of a farm. Source: BC Assessment 2021. |
| Farmer's Dwelling | A dwelling that is(a) located on or adjacent to the farm, and(b) occupied by a person who is actively involved in the day-to-day activities of that farm. Source: Classification of Land as a Farm Regulation 1995. |
| Fee or Fee Simple | Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Fee Simple Estate | Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Fee Simple Interest | Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Floating Home | A structure designed to float and to provide residential accommodation; Source: Manufactured Home Regulation 2003. |
| Folio | A collection of data, identified by a roll number, that consists of ownership, actual value and other information required for assessment purposes. The data in a folio usually describes one parcel and any improvements on it. A folio may describe multiple parcels and their improvements, or a portion of a parcel and/or the improvements on such a parcel. Folio is synonymous with (Assessment) Roll Number. Source: BC Assessment 2021. |
| Forced Sale Value | A forced sale is a description of the situation under which a sale takes place, resulting in a value that does not fully meet the definition of Market Value Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/. |
| Foreshore | The land between mean high water and mean low water along a shore in its natural condition. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Forfeiture | Forfeiture is the transfer of ownership of privately owned real property to the provincial Crown, due to the non-payment of rural property taxes. Source: BC Assessment 2021. |
| Functional Obsolescence | A loss in value caused by a flaw in the structure, materials or design of the improvement when compared with the highest and best use and most cost-effective functional design requirements at the time of appraisal. May be caused by a deficiency or a super adequacy; some forms are curable and others are incurable. (Appraisal of Real Estate, 2nd Canadian Edition, 2002) Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. 449 p. |
| Funeral Services | (a) arrangements and services related to the interment or cremation of human remains,
(b) care and preparation of human remains for purposes related to paragraph (a),
(c) bereavement rites and ceremonies, and (d) the supply of goods incidental to and as part of the arrangements, services, care, preparation and bereavement rites and ceremonies referred to in paragraphs (a) to (c), but does not include the sale of rights of interment or the disposition of human remains by interment or cremation; Source: Cremation, Interment and Funeral Services Act 2004. |
| Furniture, Fixtures, and Equipment (FF&E) | The movable property of a business enterprise not classified as stock or inventory or leasehold improvements; frequently found in the ownership of hotels or motels, restaurants, assisted-living facilities, service stations, car washes, greenhouses and nurseries, and other service-intensive properties. Furniture, fixtures, and equipment frequently wears out much more rapidly than other components of those properties.
Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 4th Edition. Chicago: Appraisal Institute; 2002.
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| Going-Concern Value | An outdated label for the market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate; more accurately termed the market value of the going concern or market value of the total assets of the business. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Goodwill | 1. Unidentifiable intangible assets. 2. The amount by which the acquisition price exceeds the fair value of identified assets. 3. That intangible asset arising as a result of name, reputation, customer loyalty, location, products, and similar factors not separately identified. (International Glossary of Business\ Valuation Terms) 4. That intangible asset arising as a result of elements such as name, reputation, customer loyalty, location, products, and related factors not separately identified and quantified. (ASA Glossary). Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Goodwill Value | The value attributable to the elements of intangible assets above the identifiable tangible and intangible assets employed in a business. (ASA) Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Grant Rolls | Grants in Lieu of Taxes (GILT) and Payments in Lieu of Taxes (PILT) rolls (also known as “grant rolls”) are produced in April by BC Assessment in accordance with legislation and BC Assessment policy. Grant rolls are produced for use by taxing authorities as well as provincial and federal government ministries and Crown corporations responsible for GILT and PILT.
The Grant rolls provide a separate listing of properties on which GILTs or PILTs are paid. These rolls are similar to the assessment rolls except that they only report the values subject to a GILT or PILT. See Payment in Lieu of Taxes Act and Regulations. Source: BC Assessment 2021. |
| Gross Building Area (GBA) | The total constructed area of a building. This area is computed by measuring to the outside finished surface of permanent outer building walls. It includes all enclosed floor areas of the building including basements, mechanical rooms etc. GBA is only quoted by Landlords and Property Managers when an entire building is leased to a single tenant. Source: BC Assessment 2021. |
| Gross Leasable Area (GLA) | In general GLA will be equivalent to Floor Rentable Area. Floor Rentable Area is the gross measured area of a floor less the area of major vertical penetrations (e.g. ventilation shaft, elevator shafts & stairs). Total Building GLA is equivalent to Building Rentable Area or sum of all Floor Rentable Areas. Source: BC Assessment 2021. |
| Gross Lease | A lease under the terms of which the lessor (landlord) receives stipulated rent and pays the expenses of operating and maintaining the leased property. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Half Storey | The topmost (above grade) floor in a building that is resident over an existing storey with oblique walls or vertical walls less than 8 feet but greater than 4½ feet in height. This habitable space is available under the same roof as necessary to cover the storey below and should provide a ceiling height sufficient for the average person to stand comfortably. Access to the ½ storey is provided by a full staircase originating from the storey below. Source: BC Assessment 2021. |
| Haul Road | Mine roads used for the transport of coal, aggregate, minerals or waste rock.
(These are the roads that connect the active mining areas to both the dumps and the processing plant. At a large mine that uses large haul trucks, haul roads are required to be two or three times the width of the largest vehicle using that road and have large side impact barriers. Haul roads are built to a necessary standard and grade.)
Source: BC Assessment 2021.
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| Heritage Site | Whether designated or not, land, including land covered by water, that has heritage value to British Columbia, a community or an aboriginal people; Source: Heritage Conservation Act 1996. |
| Heterogeneous | Unlike; without interrelation. The opposite of homogeneous. BCA Note: A descriptor generally applied to single family residential neighbourhoods with a diversity of construction types, features, and age of housing. A heterogeneous neighbourhood is more commonly encountered in rural areas. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| High Water Mark | The visible high water mark of a stream where the presence and action of the water are so common and usual, and so long continued in all ordinary years, as to mark on the soil of the bed of the stream a character distinct from that of its banks, in vegetation, as well as in the nature of the soil itself, and includes the active floodplain; Source: Riparian Areas Regulation 2005. |
| Highest and Best Use | The reasonably probable use of Real Property, that is physically possible, legally permissible, financially feasible, and maximally productive, and that results in the highest value. Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/. |
| Homogeneous | Possessing the quality of being alike in nature and therefore comparable with respect to the parts or elements; said of data if two or more sets of data seem to be drawn from the same population; also said of data if the data are of the same type (that is, if counts, ranks, and measures are not all mixed in together). BCA Note: A descriptor generally applied to single family residential neighbourhoods where there are several groups of homes that are all relatively or reasonably similar in age, construction, and features. A homogeneous neighbourhood is more commonly encountered in urban and suburban areas. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Hotel RevPAR | Room revenue divided by rooms available. Hotel occupancy times average room rate will approximate a property’s RevPAR. Source: BC Assessment 2021. |
| Housing Cooperative | An association providing accommodation for persons the majority of whom are members of the association and are ordinarily resident in the accommodation. Source: Cooperative Association Act 1999. |
| Housing Unit | Residential sleeping accommodation where the resident:
i. controls access to the room or rooms the resident or resident’s family sleeps in,
ii. has access to private or shared bathroom facilities, and
iii. has access to private or shared cooking facilities. Source: BC Assessment 2021. |
| Improvement Districts | Public corporate bodies which operate independently of regional districts or any other administrative jurisdiction. Improvement districts may provide such diverse services as fire protection, water service or dykes, sewers, utilities, street lighting, construction and operation of a hospital. Source: BC Assessment 2021. |
| Improvements | Improvement generally means any building, fixture, structure or similar thing constructed or placed on or in land, or water over land, or on or in another improvement, but does not include any of the following things unless that thing is a building or is deemed to be included in this definition by subsection (2):
(a) production machinery;
(b) anything intended to be moved as a complete unit in its day to day use;
(c) furniture and equipment that is not affixed for any purpose other than its own stability and that is easily moved by hand.
Source: Assessment Act 1996.
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| Intangible Assets | Non-physical assets, including but not limited to: franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities, and contracts, as distinguished from physical assets such as facilities and equipment. Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/. |
| Intangible Personal Property | Intangible property. Non-physical assets, including but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, securities, and contracts as distinguished from physical assets such as facilities and equipment. (USPAP, 2016-2017 ed.) Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Interim Sale Date | The date on which the vendor and purchaser entered into a contract of purchase and sale. Source: BC Assessment 2021. |
| Interim Use | The use to which a site or improved property is put until it is ready for its future highest and best use.
Interim use is a current highest and best use that is likely to change in a relatively short time. Interim uses therefore are improvements whose income has a net present value above the net present value of holding a site as if vacant for a perceived future highest and best use. The future highest and best use must be predictable with a reasonable degree of reliability; and maximize a site's value. This implies that the future highest and best use would be relatively superior to (or more intense than) the interim use. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Internal Inspection | Used to describe the job function done by a BCA appraiser when they visit a property to inspect the building inside and out for the purpose of collecting or verifying the physical property characteristics. Source: BC Assessment 2021. |
| Island Trust Areas | This area, established in September 1974, lies in the south coastal region of the province. The object of the trust is to “preserve and protect the trust area and its unique amenities and environment for the benefit of the residents of the trust area and of British Columbia generally, in cooperation with municipalities, regional districts, improvement districts, other persons and organizations and the government of British Columbia”. Islands trust area taxes are levied by the Ministry of Provincial Revenue and are used by the Islands Trust to fulfil its mandate. Source: BC Assessment 2021. |
| Joined Appeal | Joint ownership by two or more persons with the right of survivorship. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Kiosk | A small, free-standing structure used for the purpose of sales and display of merchandise, typically found in malls. |
| Land | Land includes
(a) land covered by water
(b) quarries, and
(c) sand and gravel
but does not include coal or minerals. Source: Assessment Act 1996. |
| Land Assembly | The property was bought/sold with the goal of “assembly” with nearby property to create a new parcel of sufficient size to achieve maximum density. The sale price may reflect an additional premium assigned by the market for “bonus density” achieved upon assembly. Source: BC Assessment 2021. |
| Land Cooperative | A parcel of land that is owned by a corporation exclusively for the benefit of its shareholders who (a) have a right to occupy a portion of the parcel, and (b) own shares or shares and other securities in the corporation that have a value equivalent to the value of the portion in relation to the value of the parcel; Source: Home Owner Grant Act 1996. |
| Land Title and Survey Authority (LTSA) | The Land Title and Survey Authority of British Columbia (LTSA) is a publicly accountable, statutory corporation formed in 2005 responsible for operating the land title and survey systems of BC. LTSA delivers secure land titles through timely and efficient registration of land title interests and survey records. Source: Land Title Survey Authority 2021. |
| Later Reporting Period | In respect of a person, for a taxation year, means the person's income tax year ending in the calendar year that is 2 years before the taxation year; Source: Classification of Land as Farm Regulation 1995. |
| Lease | A legal agreement that grants right to use, occupy, or control all or part of a property for a stated period of time based on the terms and covenants of the Lease including but not limited to the rental rate. Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/. |
| Lease Interest | The interest held by the lessee (the tenant or renter) through a lease conveying the rights of use and occupancy for a stated term under certain conditions. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Lease Summary/Lease Abstract/Lease Profile | A detailed summary of a specific lease including tenant name, unit number, square footage, rent including increases, start date, term, tenant inducements, etc. Source: BC Assessment 2021. |
| Lease, Absolute Net | A lease in which the tenant pays all expenses including structural maintenance, building reserves, and management; often a long-term lease to a credit tenant. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Lease, Gross | A lease in which the landlord receives stipulated rent and is obligated to pay all of the property’s operating and fixed expenses; also called full-service lease. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Lease, Modified Gross | A lease in which the landlord receives stipulated rent and is obligated to pay some, but not all, of the property’s operating and fixed expenses. Since assignment of expenses varies among modified gross leases, expense responsibility must always be specified. In some markets, a modified gross lease may be called a double net lease, net lease, partial net lease, or semi-gross lease. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Lease, Net | A lease in which the landlord (lessor) receives a stipulated rent amount and the tenant (lessee) pays all operating expenses and taxes attributable to the property. A net lease produces net income to the lessor. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Lease, Shell | A lease for unfinished space, typically for retail or distribution purposes, with the tenant to make all improvements to the property. Source: BC Assessment 2021. |
| Lease, Step-Up | A lease that calls for set increases in rent at specified intervals. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Lease, Triple Net | Rental agreement where the tenant pays all 3 operating costs insurances. Maintenance and utility costs, property taxes and the landlord then receives net rent. Source: BC Assessment 2021. |
| Lease, Turnkey | A lease for space which is ready for the tenant to begin business. Source: BC Assessment 2021. |
| Leasing Commissions | Fees paid to an agent for leasing tenant space. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Level of Assessment | The overall, or typical, ratio at which properties are appraised. BCA measures the level of assessment with statistical indicators such as the median ASR and COD. The level of assessment is normally measured on a jurisdiction basis for broad categories of properties (e.g. residential, commercial).
Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013.
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| Life Estate | Rights of use, occupancy, and control, limited to the lifetime of a designated party, sometimes referred to as the life tenant. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Listing | An offering of a property for sale, generally associated with a Multiple Listing Service. Source: BC Assessment 2021. |
| Local Areas | Local areas, established under the Local Services Act, are areas within which a particular service is provided and for which extra property taxes are levied on the residents by the provincial government. No formal provision is made for locally elected officials or local political participation. On this basis, a local area may be more properly regarded as an area of decentralized provincial government service than a real local government. Local areas may be created by the Lieutenant Governor in Council in any unincorporated area for a variety of purposes, including community planning, land use regulation, zoning, subdivision control, public comfort stations, home nursing care, garbage collection and disposal, ambulance service, fire protection, recreation and homes for senior citizens. Local area taxes are levied by the Ministry of Provincial Revenue and are used by the Administrator in charge of the Local Services Act in the Ministry of Community, Aboriginal and Women’s Services to provide services to rural properties.
Source: BC Assessment 2021.
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| Local Authority | (a) a municipality, including the City of Vancouver,
(b) a regional district,
(c) the trust council, a local trust committee and the Islands Trust Conservancy within the meaning of the Islands Trust Act,
(d) a greater board,
(e) an improvement district, and
(f) any other local body prescribed by regulation as a local authority for the purposes of one or more provisions of this Act or the Local Government Act; Source: Community Charter 2003. |
| Lot | Any portion, piece, division, or parcel of land. A quantity of land held by an owner. Source: BC Assessment 2021. |
| Major Industrial Property (MIP) | A property as defined under s. 20 of the Assessment Act and not excluded by the Exemption from Industrial Improvements Regulation (BC Reg 97/88). Source: BC Assessment 2021. |
| Managed Forest Land | Land, other than farm land,
(a) that is being used for the production and harvesting of timber,
(b) that is managed in accordance with
(i) the Private Managed Forest Land Act and the regulations under that Act, or
(ii) the Forest and Range Practices Act,
(c) in respect of which
(i) there is a management commitment under section 17 of the Private Managed Forest Land Act, or
(ii) a management plan has been approved under the Forest Act,
(d) with respect to paragraphs (b) (i) and (c) (i), for which the assessor
(i) receives notification from the council under section 17 (4) of the Private Managed Forest Land Act, and
(ii) has not received notification from the council under section 31 (1) or (2) (b) of the Private Managed Forest Land Act, and
(e) that meets other requirements prescribed by regulation of the commissioner for classification of land as managed forest land under this Act; (4) The actual value of managed forest land is the total of
(a) the value that the land has for the purpose of growing and harvesting trees, but without taking into account the existence on the land of any trees, and
(b) a value for cut timber determined in accordance with subsection (8).
Source: Assessment Act 1996.
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| Manufactured Home | A factory-built house manufactured under the Federal Manufactured Home Construction and Safety Standards Act, commonly known as the HUD Code. Source: Manufactured Home Tax Act 1996. |
| Manufactured Home Dealer | A person who acquires, disposes of, exchanges, trades, leases or otherwise deals in manufactured homes in the ordinary course of the person's business or under a scheme or plan for profit. Source: BC Assessment 2021. |
| Manufactured Home Park | Land used or occupied by a person for the purpose of (a) providing space for the accommodation of one or more manufactured homes, and (b) imposing a charge or rental for the use of that space; Source: Manufactured Home Tax Act 1996. |
| Marina | A boat basin that provides dockage and other services to pleasure craft. A structure long which vessels can be held or docked for loading and unloading; usually constructed parallel to the shoreline. If the long side of the dock extends into the water from the shore, it is called a pier. |
| Market | Is a set of arrangements in which buyers and sellers are brought together through the price mechanism. A real estate market is a group of individuals or firms that are in contact with one another for the purpose of conducting real estate transactions. Specific real estate markets can be identified by property type, property features, market area, available substitute properties, and complementary properties (see appendix for more details) Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Market Rental Rate | The most probable Rent which a leased property should bring for the relevant lease term in a competitive and open market under all conditions requisite to a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the Rent is not affected by undue stimulus between the parties. Implicit in this definition is the consummation of a lease transaction as of a specified date and the passing of occupancy from lessor to lessee under conditions whereby:
• Lessee and lessor are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto;
• The Rent represents the normal consideration for the leased property in its highest and best use, unaffected by special or creative leasing incentives or allowances granted by anyone associated with the lease transaction; and,
• The prospective lessee is not then in occupation of or has no obligation in respect of the building.
(REALPAC, AIC-R-1.01-2001) Source: BC Assessment 2021. |
| Market Value | Section 19 (1) of the Assessment Act of British Columbia, RSBC 1996, Chapter 20, defines Actual Value as “the market value of the fee simple interest in land and improvements.” The Court of Appeal of British Columbia in Standard Life Assurance Co. v. Assessor of Area 01 - Capital [1997] (BCCA), determined that the fee simple interest includes all interests in land, or the unencumbered fee simple interest.
Market value is defined as “the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.”
Source: BC Assessment 2021. |
| Mine | Includes (a) a place where mechanical disturbance of the ground or any excavation is made to explore for or to produce coal, mineral bearing substances, placer minerals, rock, limestone, earth, clay, sand or gravel, (b) all cleared areas, machinery and equipment for use in servicing a mine or for use in connection with a mine and buildings other than bunkhouses, cook houses and related residential facilities, (c) all activities including exploratory drilling, excavation, processing, concentrating, waste disposal and site reclamation, (d) closed and abandoned mines, and (e) a place designated by the chief inspector as a mine; Source: Mines Act 1996. |
| Municipal Specific Areas | Municipal Specified Areas are established by Order in Council as a result of a municipal incorporation. The areas are established to provide a means by which the municipality may levy for services provided when the whole or a portion of the area has transferred from the rural area to the municipal area. Municipal Specified Areas are administered by the municipality. Municipal specified areas are levied by the municipality and are used by the municipality and regional districts to provide services such as water, sewer and garbage to municipal properties. Source: BC Assessment 2021. |
| Municipality | As applicable,
(a) the corporation into which the residents of an area are incorporated as a municipality under Part 2 [Incorporation of Municipalities and Regional Districts] of the Local Government Act or under any other Act, or
(b) the geographic area of the municipal corporation, but does not include the City of Vancouver unless otherwise provided; Source: Community Charter 2003. |
| Net Leasable Area (NLA) | The area within a building or structure that is actually occupied by an individual tenant. Net leasable area does not include any of the common areas, such as lobbies and restrooms, shared by other tenants. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Net Operating Income | Annual net income after operating expenses are subtracted from effective gross income. Does not include payments for interest or principal. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Non-Sale | Is a property transaction that does not involve the transfer of an interest in a property (e.g. subdivisions or LTSA address change transactions). Generally, a non-sale property transaction will be for an amount less than or equal to one dollar. Source: BC Assessment 2021. |
| Occupier | (a) a person who, if a trespass has occurred, is entitled to maintain an action for trespass,
(b) the person who is in possession of Crown land that is held under a homestead entry, pre-emption record, lease, license, agreement for sale, accepted application to purchase, easement or other record from the Crown, or who
simply occupies the land,
(c) a person who is in possession of land the fee of which is in a municipality and that is held under a lease, licence, agreement for sale, accepted application to purchase, easement or other record from the municipality, or who simply occupies the land,
(d) a person who is in possession of land the fee of which is in, or is held on behalf of, a person who is exempted from taxation under an Act and that is held under a lease, licence, agreement for sale, accepted application to purchase, easement, or other record from the person exempted from taxation or who simply occupies the land, or
(e) in relation to land that
(i) is Crown land, land the fee of which is in a municipality or land the fee of which is in, or held on behalf of, a person who is exempted from taxation under an Act, and
(ii) in ordinary conditions
(A) is covered by non-tidal water, or
(B) sometime during a calendar year is covered by tidal water, a person who is entitled under a licence or lease to possess or occupy, or who simply occupies, the land, the water covering the land or the surface of the water covering the land; Source: Assessment Act 1996. |
| Option to Purchase | A contract that gives one the option (but not the obligation) to buy a property, within a certain time, for a specified amount, and subject to specified conditions. The owner does not relinquish any ownership rights or transfer any obligations by granting this option. If there is no provision to extend the option, then it ceases when the specified time expires. Source: BC Assessment 2021. |
| Order-in-Council | • An order in council is a notice of an administrative decision approved and ordered by the Lieutenant Governor in Council. Orders in council originate with the BC Provincial cabinet.
• Orders in council are regulations or legislative orders in relation to and authorized by an existing BC Statute.
• Orders in council are announced in the BC Gazette.
Source: BC Assessment 2021.
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| Outbuilding | An outbuilding is a detached structure, e.g. sheds or barns, (but not normally a garage, carport or pool). Source: BC Assessment 2021. |
| Outliers | Observations that have unusual values, that is, they differ markedly from a measure of central tendency. Some outliers occur naturally; others are due to data errors. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Owner | In respect of real property, means the registered owner of an estate in fee simple, and includes, (a) if a person is a registered owner of a life estate, the tenant for life, (b) if there is an agreement for sale and purchase of the real property, the registered holder of the last registered agreement for sale and purchase, and (c) if the real property is held or occupied in the manner referred to in sections 26, 27 and 28, the holder or occupier; Source: Assessment Act 1996. |
| Owner Occupied | Building area that is used or held by the owner and not leased to a third party. Source: BC Assessment 2021. |
| Parcel | A lot, block, or other area in which real property is held or into which real property is subdivided and includes the right or interest of an occupier of Crown land, treaty lands of a treaty first nation or Nisg̱a'a Lands, but does not include a highway or portion of a highway; Source: Assessment Act 1996. |
| Parcel Identifier (PID) | A nine-digit number assigned by the Land Title and Survey Authority (LTSA) that uniquely identifies a parcel in the land title register of in British Columbia. The Land Title Act refers to the PID as the permanent parcel identifier. Source: BC Assessment 2021. |
| Parent Parcel | When a larger parcel is subdivided into smaller lots, then the original larger parcel is called the parent parcel. The parent parcel may be totally divided up by the new subdivision and therefore cease to exist as a legal entity, or just portions of the parent parcel may be subdivided off. Source: BC Assessment 2021. |
| PARP Complaint Deadline | The deadline for filing a notice of complaint is January 31. Source: Assessment Act 1996. |
| Partial Interest Sale | The purchase of a divided or undivided right in real estate that represent less than the whole. Sale of a part interest in a property (e.g. one tenant in common sells interest to other tenant(s) or new party). Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Partnering Agreement | (Please note: there are two different sets of definitions, depending on whether a municipality or a regional district is a party to the agreement)
1. Partnering agreement” means an agreement between a municipality and a person or public authority under which the person or public authority agrees to provide a service on behalf of the municipality, other than a service that is part of the general administration of the municipality. (Community Charter)
“Service"" means, in relation to a municipality, an activity, work or facility undertaken or provided by or on behalf of the municipality (Community Charter)
2. Partnering agreement means, in relation to a regional district, an agreement between the regional district and a person or public authority under which the person or public authority agrees to provide a service on behalf of the regional district, other than a service referred to in section 800 (2) (a) and (b). (Local Government Act)
""service"" means, in relation to a regional district,
(a) an activity, work or facility undertaken or provided by or on behalf of the regional
district and the exercise of regulatory authority under Part 15 [Specific Regional District
Service Powers], section 796 (4) and (5) [general authority for services] or section 796.2
[general authorities in relation to services] in relation to such an activity, work or facility
and
(b) a regulatory service (Local Government Act)
Source: Local Government Act 2015. Community Charter 2003.
|
| Party to Appeal | The appellant; the owner of the property, if not the appellant; the complainant at the review panel, if not the owner or appellant; or the assessor. Source: Assessment Act 1996. |
| Percentage Rent | Rental income received in accordance with the terms of a percentage lease; typically derived from retail store and restaurant tenants and based on a certain percentage of their gross sales. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Permit | Any document issued by a person with authority empowering the grantee to do some act not forbidden by law, but not allowable without such authority. Permits are typically issued for a short-term and generally deal with rights to use land rather than rights of occupation. Examples of permits are: park use permits, special use permits, land use permits, resource use permits, etc. Source: BC Assessment 2021. |
| Person | A “person” under the Assessment Act means an individual but also “includes a partnership, syndicate, association, corporation, association, and the agent and trustee of a person”. Source: Assessment Act 1996. |
| Personal Property | Identifiable portable, tangible or intangible objects considered or defined as being ""personal” and that are not classified as Real Property. Examples of classes of Personal Property include: furnishings, artwork, antiques, gems and jewelry, collectibles, and Machinery and Equipment. Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/. |
| Plan (survey) | A graphical representation of a survey conducted by a BC land surveyor which shows the spatial extent, area, corner monuments and generally the geographic location of a specific area of land for the purpose of: Establishing the boundaries of a new parcel of titled land (e.g., subdivision plan, strata plan, and reference plan) Source: Land Title Survey Authority 2021. |
| Plant | A collection of industrial improvements and associated land used for a purpose identified in s. 20 of the Assessment Act. A plant may be comprised of one, many or only part of a folio. Source: BC Assessment 2021. |
| Private Managed Forest Land | Means private land (a) in respect of which there is a management commitment, and (b) that is classified as managed forest land under the Assessment Act. Source: Private Managed Forest Land Act 2003. |
| Private Managed Forest Land Council | Established under section 4 of the Private Managed Forest Land Act; The Private Managed Forest Land Council is established as a corporation consisting of the members appointed under section 6. The object of the council is to encourage forest management practices on private managed forest land, taking into account the social, environmental and economic benefits of those practices. See Private Managed Forest Land Act 2003.
Source: BC Assessment 2021.
|
| Property | Includes land and improvements Source: Assessment Act 1996. |
| Property Assessment Appeal Board (PAAB) | The Board is the Property Assessment Appeal Board (PAAB) established under Part 5 of the Assessment Act. The PAAB is the second level of appeal for property assessments in B.C. and is independent of both BC Assessment and the taxing jurisdiction. See Assessment Act 2003. Source: BC Assessment 2021. |
| Property Assessment Appeal Board (PAAB) Appeal Deadline | A notice of appeal under this section and the prescribed appeal fee must be filed with the board on or before April 30. Source: Assessment Act 1996. |
| Property Assessment Appeal Board (PAAB) Terms | See: Property Assessment Appeal Board Website - Terms |
| Property Assessment Review Panel (PARP) | The Property Assessment Review Panel (PARP) is established under Part 4 of the Assessment Act. The PARP is the first level of appeal for property assessments in B.C. and is independent of both BC Assessment and the taxing jurisdiction. See Assessment Act 2003. Source: BC Assessment 2021. |
| Property Class | Means a class of property prescribed under section 19 (14) of the Assessment Act. For property taxation purposes in British Columbia, the assessor assigns one or more property class to each property according to the description of these classes in a provincial regulation. There are nine classes: residential, utilities,supportive housing, major industry, light industry, business and other, managed forest land, recreational property/non-profit organization and farm. It is possible for a single property to have part of its value in one class and part in another class. For example, a retail store with an apartment above it would have the value of the apartment in residential class and the value of the store in the business and other class. These different classes exist so that taxing jurisdictions (such as a city) can assign varying tax rates to different property types. For example, the tax rate for light industrial property might be significantly higher than that for a residential property.
Source: Assessment Act 1996. BC Assessment 2021.
|
| Property Manager | A person (including a company) who, under contract with the property owner, operates and manages a property on behalf of a property owner. Source: BC Assessment 2021. |
| Property Transfer Tax (PTT) | Property transfer tax is a land registration tax payable when an application is made at any Land Title Office in British Columbia to register changes to a certificate of title. Source: BC Assessment 2021. |
| Public Authority | Any of the following: (a) the government of Canada, the government of British Columbia or the government of another province, or an agent of any of them; (b) a local government body, educational body or health care body, as those terms are defined in the Freedom of Information and Protection of Privacy Act; (c) a first nation; (d) a body in another province or country that provides local government services; (e) any other body prescribed by regulation as a public authority for the purposes of one or more provisions of this Act or the Local Government Act. Source: Community Charter 2003. |
| Qualifying Agricultural Use | Means a use of land for agricultural purposes as approved by the assessment authority, following consultation with the minister responsible for the administration of the Ministry of Agriculture and Food Act, and that
(a)is an agricultural use set out in section 1 of the Schedule to this regulation, and
(b)is not an excluded use set out in section 2 of the Schedule to this regulation. Source: Classification of Land as Farm Regulation 1995. |
| Range of Value | The range, or confidence interval, in which the final market value estimate of a property may fall; usually stated as a variable amount between a high and low value limit. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Ratio Study | A study of the relationship between appraised or assessed values and market values. Indicators of market values may be either sales (sales ratio study) or independent “expert” appraisals (appraisal ratio study). Of common interest in ratio studies are the level and uniformity of the appraisals or assessments. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. 186 p. |
| Real Property | The interests, benefits and rights inherent in the ownership of real estate. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Recovery Income | The Redemption Period is a one-year period provided immediately following forfeiture, during which the former owner or registered charge holder can pay all the outstanding property taxes and the title of the property will be restored to the former owner (redemption). |
| Redemption | The Redemption Period is a one-year period provided immediately following forfeiture, during which the former owner or registered charge holder can pay all the outstanding property taxes and the title of the property will be restored to the former owner (redemption). (Ministry of Finance-Property Taxation Branch) |
| Regional District | As applicable,
(a) a regional district incorporated under this Act, or
(b) the geographic area of a regional district corporation referred to in paragraph (a); Source: Local Government Act 2015. |
| Registered or registration | "registered" and "registration", in respect of real property, refer to registration in the books of the land title office; Source: Assessment Act 1996. |
| Registered Owner or registered owner in fee simple | A person registered in the books of the land title office as entitled to an estate in fee simple in real property, and, in respect of a lesser estate, includes a person who registers a charge; Source: Assessment Act 1996. |
| Remediation | The removal or control of contaminants of concern to reduce or maintain their on-site or off-site concentrations to levels determined by local, state, or federal agencies to meet public health and safety standards for the intended use of the property. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Remediation Plan | A plan which includes information on the:
• location(s) of contamination, remediation alternatives, and evaluation methods used to assess the factors under section 56 of the Act,
• remediation methods selected to ensure compliance with the numerical standards or risk based standards
• identification and classification of the substances in any soil, surface water, groundwater or sediment to remain in place or to be relocated,
• risk assessment calculations and methodology to demonstrate compliance with risk-based remediation standards if remediation is assessed relative to the risk-based remediation standards,
• a schedule with estimated dates for implementing remediation,
• identification and discussion of the effects of known regulatory requirements on remediation, including any authorizations which will be required to implement remediation,
• proposed confirmatory sampling, analysis, testing or monitoring during and after treatment, management or removal of contamination. See Environmental Management Act. Source: BC Assessment 2021. |
| Remodel | To improve a structure by changing its floor plan, functions, or characteristics. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Renovation | General term to cover changes and upgrading of an existing property that will provide new life, energy or vigour. To refresh, revive, restore or reinvigorate to a previous or better condition. The act of improving and repairing as if to make new again. Source: BC Assessment 2021. |
| Rent Roll/Schedule of Tenants/ Tenant Summary/Schedule of Leases/Tenant Roster | A summary of listing of property lease details for a building. It will generally include: tenant's names, unit numbers, lease start and end dates, square footage, amount of rent, vacant space, etc. The list may be reported in a variety of ways from basic to very detailed information. Source: BC Assessment 2021. |
| Rent, or Offer for Rent | "Rent" means money paid or agreed to be paid, or value or a right given or agreed to be given, by or on behalf of a tenant to a landlord in return for the right to possess a rental unit, for the use of common areas and for services or facilities, but does not include any of the following: (a) a security deposit; (b) a pet damage deposit; (c) a fee prescribed under section 97 (2) (k) [regulations in relation to fees]; Source: Residential Tenancy Act 2002. |
| Rentable Area | A specified unit area of leasable space. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. 186 p. |
| Replacement Allowance | An allowance that provides for the periodic replacement of building components that wear out more rapidly than the building itself and must be replaced during the building’s economic life; sometimes referred to as reserves or reserves for replacement. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Replacement Cost | The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Reproduction Cost | The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, super adequacies, and obsolescence of the subject building. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Restrictive Covenant | A private agreement that restricts the use or occupancy of real estate that is part of a conveyance and is binding on all subsequent purchasers; may involve control of lot size, setback, placement of buildings, number and size of improvements, architecture, cost of improvements, or use. Generally associated with the conditions, covenants, and restrictions (CC&Rs) written into deeds and leases. By specifying the permissible uses in a neighborhood, restrictive covenants can help stabilize property values. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Return on Capital | The additional amount received as compensation (profit or reward) for use of an investor’s capital until it is recaptured. The rate of return on capital is the yield rate or the interest rate earned or expected. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Reversion | A lump-sum benefit that an investor receives or expects to receive upon the termination or sale of an investment; also called reversionary benefit. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Revised Roll | Includes amendments made by the assessor and the property assessment review panels during February and March of each year. Formerly 'authenticated roll'. Source: BC Assessment 2021. |
| Right of First Refusal | An agreement drawn under which a party has the right to have the first opportunity to purchase real estate when it becomes available, or the right to meet any other offer in relation to the purchase of the real estate. Source: BC Assessment 2021. |
| Right to Purchase | A right conferred by an agreement for sale under which the purchaser makes a down payment and monthly payments to the seller, but the seller remains the registered owner of the property until the purchase price is paid in full. Source: BC Assessment 2021. |
| Riparian Area | A streamside protection and enhancement area. Source: Riparian Areas Regulation 2005. |
| Riparian Rights | Pertain to the rights and privileges that are incidental to the ownership of land fronting on a body of water. The rights relating to the land that adjoins or abuts a watercourse of river running between banks. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002. |
| Runs with the Land | Passing with transfer of the land. A covenant is said to run with the land when either the liability to perform it or the right to take advantage of it passes to the assignee of that land. Usually concerned with easements and covenants. Source: BC Assessment 2021. |
| Sale | A real property transaction which involves the transfer of an interest in real property from one party to another party. Source: BC Assessment 2021. |
| Sale - Conveyance | A transfer of an estate or interest in land (other than by will) to a new owner through sale, lease, or other means. A transfer of title is the conveyance of an estate or interest in land in exchange for some financial consideration, typically a sale. (Land Title and Survey Authority) Source: BC Assessment 2021. |
| Sale - Conveyance Date | The date a sale, or other ownership transfer, is recorded in land title register by Land Title and Survey Authority (LTSA). Source: BC Assessment 2021. |
| Sale - Distress Sale | A sale made to meet the immediate and pressing needs of the seller at whatever price the property will bring. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Sale - Foreclosure Sale | Sale of property to satisfy a debt. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Sale - Multi-Property Sale | A transfer of property or title involving more than one parcel. Source: BC Assessment 2021. |
| Sale - Partial Interest | An interest (in property) that is less complete than a fee simple interest. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Sale - Sale Date | The date the parties entered into a contract of purchase and sale. Source: BC Assessment 2021. |
| Sale - Share Transfer | A transaction in which all or part of the company shares are sold. Where the company assets include real property; no title transfer will occur because the name of the company has not changed as it has been sold along with the rest of the corporate assets. Source: BC Assessment 2021. |
| Sale - Tenancy-in-Common | An estate held by two or more persons, each of whom has an undivided interest. Ownership of land by two or more persons; unlike joint tenancy in that interest of deceased does not pass to the survivor, but is treated as an asset of the deceased's estate. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Sale - Trade | • A trade is a property transfer that includes items of real or personal property as a portion of the price. The transaction should not be used if the items traded constitute the entire price. Otherwise, if the value of the traded items is stipulated, can be ascertained, or is small in comparison with the total price, the sale can be used by including the value of the items traded in the total purchase price. As a general rule however, sales involving trades should be excluded from sales studies if the full price cannot be reliably established and there is an otherwise adequate number of valid sales.
• Sale of a property whereby part or whole payment is not in cash or financing, but in goods such as a boat, automobile, chattels or other real property.
• Part or all of the consideration paid for a property was in the form of goods or another parcel of real property. The value of the consideration may not reflect market value. Source: BC Assessment 2021. |
| Sale of Lease Interest | A type of sale in which a lease interest is conveyed. Source: BC Assessment 2021. |
| School District | A school district created under the School Act; Source: Assessment Act 1996. |
| Seasonal Resort | A resort that is a place used for relaxation or recreation, attracting visitors for holidays or vacations where the operation is dependent on a particular season. Source: BC Assessment 2021. |
| Self-Storage | A storage facility, typically leased on a monthly basis, divided into small units ranging in size from 20 to 500 square feet, some of which may be climate-controlled; also called mini-storage facility, miniwarehouse, or mini-bay warehouse. This category also includes public storage, i.e., a facility that includes an operating business (a logistics firm) that provides warehousing storage and service for multiple customers. Some facilities include a rental office and on-site resident manager’s apartment for twenty-four-hour security. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. 449 p. |
| Seniors Housing - Licensed | A licensed care facility is one permitted by the provincial government to provide housing and health care services. A license is required for operation. Source: BC Assessment 2021. |
| Service Areas | Regional district service areas are established by the regional district to provide a variety of services such as sewer, water, community parks, arenas, libraries, fire protection, street lighting, TV re-broadcasting, animal control, pollution control, building inspection, regional parks, etc., to rural and municipal properties throughout the province.
Regional district service area by-laws are adopted by the regional district board subsequent to receiving the assent of the electors within the service area, and approved by the Inspector of Municipalities, Ministry of Community, Aboriginal and Women’s Services. Bylaws are adopted for the purpose of establishing, extending, reducing, repealing and merging services areas. Source: BC Assessment 2021. |
| Shopping Center | A tract of land, under individual or joint real estate ownership or control, improved with a coordinated group of retail buildings with a variety of stores and free parking. The main categories of Shopping Centre are Regional, Community, Power and Neighbourhood. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Shopping Centre - Power Centre | A large community shopping center with more than 250,000 square feet of space anchored by three or more tenants that occupy 60% to 90% of the space; the number of specialty stores is kept to a minimum. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Shopping Centre - Regional Centre | Regional centers contain a large number of satellite stores in strips with one or more major or junior Department or Anchor Department store buildings as anchors. One-, two- and three-story structures are included in the averages. Costs include all support and service areas and facilities for the strip, but not the major anchor buildings, which are priced separately. Source: Core Logic. Marshall and Swift Commercial Cost Estimator [Internet]. 2020 [revision 01 Sept 2020; cited 2020 Nov 17] Available from: https://www.corelogic.com/products/commercial-estimator.aspx |
| Single Family Dwelling | A detached residential dwelling unit which has been designed and built to accommodate single family use. Source: BC Assessment 2021. |
| Site Improvements | Improvements on and off a site that make it suitable for its intended use or development. On-site improvements include grading, landscaping paving, and utility hookups; off-site improvements include streets, curbs, sidewalks, drains, and connecting utility lines. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Situs | The actual or assumed location of a property for purposes of taxation. In personal property, situs may be the physical location of the property or, in the instance of highly mobile property, the more-or-less permanent location of the property owner. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Special Purpose Property | A property with a unique physical design, special construction materials, or a layout that particularly adapts its utility to the use for which it was built; also called a special-design property. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Spouse | (a) a person who is married to another person, or
(b) a person who (i) is living with another person in a marriage-like relationship, and (ii) has been living in that relationship for a continuous period of at least 2 years; Source: Assessment Act 1996. |
| Statutory Right of Way | An easement without a designated dominant tenement registerable under section 218 (excerpt below).
218 (1) A person may and is deemed always to have been able to create, by grant or otherwise in favour of
(a) the Crown or a Crown corporation or agency,
(b) a municipality, a regional district, the Greater Vancouver Transportation Authority, a local trust committee under the Islands Trust Act or a local improvement district,
(c) a water users' community, a public utility, a pulp or timber, mining, railway or smelting corporation, or a corporation authorized to transport oil or gas, or both oil and gas, or solids, as defined in the Pipeline Act, or
(d) any other person designated by the minister on terms and conditions that minister thinks proper, BCA NOTE: It is possible under section 114 of the Land Title Act to subdivide a property using a statutory right of way plan. Such a subdivision will require the approval of the Registrar of Land Titles.
Source: Land Title Act 1996.
|
| Strata Accommodation Property (SAP) | Means a strata lot in respect of which the following requirements are met: (a) the strata lot is in a strata plan that, with or without contiguous strata plans, includes 20 or more strata lots; (b) the strata lot is rented or offered for rent as overnight accommodation for periods of less than 28 days for at least the prescribed percentage of the 12-month period ending June 30 of the year previous to the taxation year for which the assessment roll is completed. Source: Assessment Act 1996. |
| Strata Plan | A plan that shows real property divided into two or more strata lots. Source: BC Assessment 2021. |
| Stratified Operational and Facility Areas - SOFA | Strata lots which support the day-to-day operational requirements of the complex/building, which may or may not be limited to public/common use, or may be value-adding facilities for owners, tenants, public, etc. SOFA areas may be found in Hotels, Seniors Housing facilities, Multi-family Residential Complexes, Shopping Centres, and Office Buildings. Examples of SOFA’s include stratified lobbies, meeting rooms, dining areas, storage areas, lounges, restaurants, business centre, parking, activity rooms, spas - gyms, hallways, and common areas in shopping centres. Source: BC Assessment 2021. |
| Subdivision | The division of land into 2 or more parcels, whether by plan or by metes and bounds description or otherwise; Source: Land Title Act 1996. |
| Subdivision Plan | An LTSA plan showing land divided into two or more parcels; or the consolidation of two or more parcels into a single parcel. Source: Land Title Act 1996. |
| Sublease | An agreement in which the lessee in a prior lease conveys the right of use and occupancy of a property to another, the sublessee, for a specific period of time, which may or may not be coterminous with the underlying lease term. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Submerged Land | Land which lies below or seaward, or riverward from the mean high water mark of a body of water. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002 |
| Substantially Damaged or Destroyed | Physical damage amounting to at least 50% + $1 of the assessed value of the affected improvement(s) on a parcel where the owner has suffered disaster, calamity, or other misfortune and who has involuntarily lost the proper use of the property’s improvements. Source: BC Assessment 2021. |
| Supplementary Roll | A replacement roll created to reflect corrections to the Completed or Revised Roll. Source: BC Assessment 2021. |
| Surplus Land | Land not necessary to support the highest and best use of the existing improvement but, because of physical limitations, building placement, or neighbourhood norms, cannot be sold off separately. Such land may or may not contribute positively to value and may or may not accommodate future expansion of an existing or anticipated improvement. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002 |
| Tax Sale | The sale of a taxpayer’s property to collect delinquent taxes from the proceeds of sale; conducted when the taxpayer has failed to redeem the property within the statutory period. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. |
| Tax Year | The calendar year to which an assessment roll applies for the purposes of taxation as referred to in section 3(2) of the Assessment Act. Source: BC Assessment 2021. |
| Taxable Value | Taxable value is the appraised value minus all applicable partial exemptions. Property taxes are levied on taxable value. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. |
| Telecommunications | Includes land and improvements used or held for the purposes of, or for purposes ancillary to, the business of a telecommunications common carrier that operates a telephone system, data telecommunications network or cable television undertaking, but does not include land or improvements in respect of a telecommunications common carrier that is a radio or television broadcasting or rebroadcasting undertaking. Source: Assessment Act Regulation 1998. |
| Tenancy in common/Tenant in common | A state of tenancy involving two or more persons owning undivided possessory interests that have arisen out of separate and distinct conveyances, any one of the tenants being free to create interest in his portion of the estate and the heirs or devisees acquiring the interest of any tenant who may die. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. 186 p. |
| Tenant | One who holds or possesses real estate by any kind of right or title; commonly a person who occupies and uses the property of another under a lease. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. 449 p. |
| Tenant Improvements | Extensive tenant improvements can influence contract rents or they may be built into the asking rents as a tenant improvement allowance. When capital expenditures not accounted for in the asking rent are made by the lessor (owner), reimbursement may be accomplished through marginally higher rent that amortizes the lessor’s expenditures over all or part of the lease period. If the lessee (tenant) makes capital expenditures, the lessor may reduce the lessee’s rent for all or part of the lease term as compensation for such tenant expenditures. In many retail environments, the rents vary directly with the level of build-out (e.g. definition of shell) provided to the tenant. Source: BC Assessment 2021. |
| Tenant Inducement | May include cash payments (e.g. free rent), landlord payments for new fixturing and other tenant improvements, and tenant-specific building upgrades including custom signage. Source: BC Assessment 2021. |
| Tenure | Means (a) any interest in Crown land that is granted or otherwise established under a prescribed instrument, or (b) a prescribed designation or other status that, under an enactment, is given to, conferred on, or made or otherwise established in relation to Crown land. Source: Land Act 1996. |
| Timber | Trees, whether standing, fallen, living, dead, limbed, bucked or peeled. Source: Forest Act 1996. |
| Travel trailer | A vehicle that is (a) capable of being towed on its own permanent wheels and undercarriage by a motor vehicle, (b) licensed, or able to be licensed, as a trailer under the Motor Vehicle Act for use on highway, and (c) not used as a principal residence. Source: Travel Manufactured Home Exemption Regulation 1988. |
| Trespass | Trespass is an unlawful interference with one’s property; at common law, trespass to land is every unauthorized and direct breach of the boundaries of another’s land. Source: BC Assessment 2021. |
| Undivided Interest; Undivided Right | An interest in a property that is not distinct from the interest or interests of one or more other persons as to the time during which the interest is possessory or as to the portion of the property to which the interest attaches, for example, the interest of a joint tenant or a tenant in common. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. 186 p. |
| Unit of Accommodation | A unit that is rented or offered for rent as overnight accommodation for periods of less than 28 days for at least the prescribed percentage of the 12-month period ending June 30 of the year previous to the taxation year for which the assessment roll is completed; Source: Assessment Act 1996. |
| Vested | When the right, interest or title to the legal estate is transferred back to the owner or to any other party. See Perpetuity Act 1996. Source: BC Assessment 2021. |
| Water Lot | A legally defined area of land covered by water that may be either contiguous or attached to dry land, or which may be separated entirely from dry land and my be filled, partially filled, or not filled. Source: The Appraisal Institute of Canada. The Appraisal of Real Estate. 2nd ed. Vancouver: UBC Real Estate Division, Sauder School of Business; 2002 |
| Zoning Bylaw | A legal document that describes the permitted uses for land. Zoning is defined as the public regulation of the character and extent of real estate use relating to improvements, structure heights, areas, bulk, density of population, and other limitations on the use and development of private property.
Zoning regulation or bylaws are defined, written or revised by jurisdictional officials to suit permitted use of property. Jurisdictions which supply the zoning data may be Cities, Towns, Villages, Districts, Municipalities, Regional Districts or Special Areas such as Islands Trust.
See Local Government Act 2015. Source: BC Assessment 2021. |
