Thursday, June 04, 2020

Glossary of Key Personal Property Terms


Acquisition Cost:  The cost to acquire property; can be either a new cost or a used cost.

Ad Valorem:  According to value.

Appraised Value:  The value of a property before the assessment rate/percent is applied.

Appraised Value of Commercial Equipment:  The retail-cost-when-new multiplied by the appropriate factor from the CIME Appraised Factor Table.

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

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

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

BBC:  The measurement in inches from the truck-tractor’s front bumper to the back of the cab.

BOTA:  Board of Tax Appeals; state agency to which property values and taxes can be appealed.

CAMA:  The Computer Assisted Mass Appraisal program used by county appraisers to value real property within 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 empty (dry shipping) weight of the truck without load or driver; includes standard equipment; does not include the bed on a cab & chassis motor vehicle.

GCW or Gross Combined Weight:  The allowable loaded weight for a truck-tractor and trailer combined; includes the weight of both units and the cargo; applicable to truck-tractors only.

GVW or Gross Vehicle Weight:  The maximum manufacturer recommended weight the axles of the truck can carry; includes the weight of the truck and its bed and any cargo weight placed upon the axles; does not consider the weight of a trailer.

Gross Weight:  For Registration Purposes (K.S.A. 8-143): 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 the cargo which will be transported thereon; does not include the weight of any travel trailer used for private recreational purposes, vehicles towed by a wrecker.

Heavy Duty Truck (Truck Blue Book):  Generally considered a truck having a GVW over 33,000 pounds; vehicles registered 24M or greater are considered a “heavy truck” for valuation and taxation 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 is 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 (Truck Blue Book):  Generally, a truck with a GVW under 12,000 pounds; vehicles on a one-ton or lighter chassis are referred to as light duty trucks.

Local Governing Entity:  Entity with the authority to tax property within its jurisdiction based upon the amount of money necessary to provide its services.  Examples:  school board, water district, county, city or township.

MSO or Manufactures Statement of Origin:  a.k.a. MCO or Manufactures Certificate of Origin is the original document received from the dealer for a brand new motor vehicle, prior to the vehicle title being issued.

MSRP:  Manufacturers Suggested Retail Price.

MVE-1:  The Motor Vehicle Examination form used by the Kansas Highway Patrol for inspection of certain vehicles, such as out-of-state, assembled or kit vehicles.

Medium Duty Truck (Truck Blue Book):  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:  “...every tangible thing which is the subject of ownership, not forming part or parcel of real property” as defined in K.S.A. 79-102.

PVD:  The Property Valuation Division is the division within the Kansas Department of Revenue which directs and assists counties in the valuation of property, as required by Kansas law.

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

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

Situs:  The location of property for taxation purposes.

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

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

Tax Roll:  The list of taxable property within a jurisdiction; includes the name of the owner, the assessed value, the mill levy and the property tax.

Tax Unit:  A geographic area within the county for which the total mill levy is the same.

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

Truck Body:  The outer shell of a motor vehicle, which is mounted to a stripped chassis, covers the chassis from bumper to bumper.  Example: step-van body (UPS truck); bus or ambulance body, etc.

VRF:  The Value Release Forms which are generated through the VIPS list the vehicle description and class codes used by county appraisers and county treasurers.

VIN:  The Vehicle Identification Number which is used to identify a motor vehicle; standardized to 17 digits in 1981; usually found stamped on the drivers side corner of the dashboard and is listed on the vehicle title and registration.

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