Monday, September 15, 2014
     

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GLOSSARY  OF  KEY  TERMS

Acquisition Cost: The amount paid by the taxpayer to purchase an item.

Ad Valorem: According to value.

Appraised Value: The value of a property before it is multiplied by the assessment percentage.

Appraised Value of Commercial Equipment: The retail cost when new multiplied by the commercial equipment factor.

Assessment: The act, process or an instance of estimating the value of property for taxation.

Assessment Date: The date as of which the assessment for a tax year are made.  The assessment date in Kansas is January 1. 

Assessment Rate: The percentage that the appraised value of property is multiplied by to determine assessed value.

Assessed Value:  The value on which the tax burden to support local government services, special assessments and public schools is allocated among property owners.  The Appraised value multiplied by the assessment percentage equals the assessed value.

BBC:  The measurement from the front bumper to back of the cab for a truck tractor.

COTA:  Court of Tax Appeals.  The state’s highest level to appeal property values and taxes.

CAMA: Computer Assisted Mass Appraisal.  A computer program used by county appraisers to value real property in the county.

Chassis Cab / Cab and Chassis:  Includes the cab, frame, power plant, drive line, suspensions, axles, wheels, tires on a truck.  Does not include a bed.

CIME:  Commercial/Industrial Machinery and Equipment.

Curb Weight:  The dry shipping weight of the truck only (no cargo, no passengers and no bed of a cab and chassis motor vehicle).

GCW or Gross Combined Weight:  Indicates the allowable load for a tractor and trailer combined including the weight of the vehicles.  Used only for truck tractors.

GVW or Gross Vehicle Weight:  The maximum manufacturer recommended weight that the axles of the truck can carry including the weight of the truck, bed and any cargo weight placed upon the axles.  Does not consider trailer weight.

Gross Weight:  For Registration Purposes (K.S.A. 8-1143) means and includes the empty weight of a truck, or combination of truck or truck tractor and any type trailer or semi-trailer, plus the maximum weight of cargo, which will be transported thereon.  The term gross weight shall not include the weight of any travel trailer, which is used for private recreational purposes or the weight of any vehicles towed by a wrecker.

Heavy Duty Truck:  Generally considered a truck having a GVW over 33,000 pounds.  Any vehicle registered 24m or over is considered a “heavy truck” for valuation and taxations purposes.

IAAO:  International Association of Assessing Officers

ICC:  Interstate Commerce Commission

KCC: Kansas Corporation Commission

KDOR: Kansas Department of Revenue

K.S.A. : Kansas Statutes Annotated (statute in another term used for law)

LESSEE: Someone who leases property from someone else.

LESSOR:  Someone who leases property he/she owns to someone else. 

Light Duty Truck:  Generally, a truck with a GVW under 12,000 pounds.  Vehicles with a one-ton chassis or lighter are referred to as light duty trucks.

Local Governing Entity: A governing entity has authority to tax property within its jurisdiction based on the amount of money needed to provide its services. Examples of a local governing entity include a school board, water district, county, city or township.

MSO or Manufactures Statement of Origin:  (Certificate of Origin, MCO) – The original document received from the dealer for a brand new motor vehicle, mobile home, trailer, etc. before a title is issued.

MSRP: Manufacturers Suggested Retail Price

MVE-1:  Motor Vehicle Examination form.  Used by the Kansas Highway Patrol for inspection of out of state and assembled vehicles.

Medium Duty Truck:  Generally considered a truck having a GVW between 12,001 and 33,000 pounds.

Mill Levy: The tax rate applied to the assessed value.  One mill is one dollar per $1,000 dollars of assessed value.  To calculate tax dollars, divide the mill levy by 1,000 and then multiply by the assessed value.  The mill levy for a local governing entity is determined by dividing its budget by the taxable assessed value in its district.

Net Weight:  The dry shipping weight of the truck only (the same as curb weight).

Personal Property:  According to Kansas’s statue, personal property is every tangible thing, which is subject of ownership, not forming part or parcel of real property.

PVD:  Property Valuation Division.  A division in the Kansas Department of Revenue that directs and assists counties in the valuation of property, as required by Kansas’s law.

RCWN:  Retail Cost When New. The dollar amount an item would cost when new to a purchaser at the retail level of trade.

Rendition: The assessment form used by the taxpayer to list all taxable personal property owned or in his control as of January 1.  Submitted to the county appraiser annually.

Situs:  Location of property for taxation purposes.

Stripped Chassis / Chassis Only:  Includes the frame, power plant, drive line, suspensions, axles, wheels, tires for a motor vehicle.  Considered an incomplete vehicle, cannot be driven on roadways.  Does not include a cab/body or a bed.

Taxing District: The geographic area that a local governing entity provides services to and has taxing authority over.

Tax Roll: The tax roll lists all taxable property in the name of the owner, the assessed value, the mill levy and the property tax.

Tax Unit: A geographic area of the county, which has an identical total mill, levy.

Truck Bed: A piece of equipment designed to haul or carry property.  The bed is mounted behind the cab of the truck.  Example: flat bed, box bed, dump bed, concrete mixer, etc.

Truck Body:  The outer shell of a motor vehicle mounted to a stripped chassis and covers the chassis from bumper to bumper (Example: step van body such as a UPS truck, a Greyhound bus).

VRF:  Value Release Form.  The form generated through VIP’s that lists the vehicle description and class codes used by county appraisers and county treasurers. 

VIN:  Vehicle Identification Number.  Standardized in 1981 to 17 digits, the VIN is used to identify a motor vehicle, usually stamped on the driver’s side corner of the dashboard and listed on the title and registration.

VIPS: Vehicle Information Processing System.  The state computer program used by county treasurers to process vehicle registration information.