| 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 and Assessment. 3rd ed. Kansas City, Missouri: International Association of Assessing Officers; 2022.
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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 | The process of distribution and allotment into proportional allocations.
Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 3rd ed. Kansas City, Missouri: International Association of Assessing Officers; 2022. | |
| Appraiser | A property valuator appointed under the Assessment Authority Act.
Source: Assessment Act 1996. | |
| Assessment - Sale Price Ratio (ASR) | The ratio of an appraised (or assessed) value to the sale price or adjusted sale price of a property.
Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 3rd ed. Kansas City, Missouri: International Association of Assessing Officers; 2022. | |
| 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 | Any property tax official with professional responsibilities.
Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 3rd ed. Kansas City, Missouri: International Association of Assessing Officers; 2022. | |
| 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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