Glossary

Welcome to our growing glossary. If you see an underlined word in the definition, that means there is a separate definition for that word.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A2
A term used by locals to refer to Ann Arbor

A3
Insider lingo for the Ann Arbor Area

AboutAnnArbor.info
1. A community website with content freely contributed about making your home in A3/Washtenaw County which has lots of area photos - just for fun and to give those who don’t live here (yet?) a sense of what it is like.
2. What the back fence in a neighborhood use to be - a place to start information gathering on a topic which should always be evaluated independently

A Frame
A style of house that is shaped like the letter A

Agency
A term used to refer to the type of Real Estate Agency relationship a buyer or seller has with the Real Estate Agent. Michigan law requires real estate licensees who are acting as agents of sellers or buyers of real property to advise the potential sellers or buyers with whom they work of the nature of their agency relationship at the first possible opportunity, before confidential information is disclosed. See Moving Section under The Sale for more information on the Types of Realtors.

Appraised Value
What an appraiser thinks a property is worth with a heavy emphasis on recent, closed sales. It may consist of an interior visual inspection, or be a drive by. An appraisal is done by a state licensed professional. If ordered by an individual it cannot be used in connection with obtaining a mortgage because of a potential conflict of interest. A lender usually orders an appraisal as part of approving a mortgage to insure the lender that the value of the property exists. This is often different from the market value or the assessed value of a property.

Assessed Value
The value of a property according to the local tax assessor. Most frequently used to refer to the State Equalized Value (SEV). This amount is theoretically the market value. It is theoretical because it is a governmental assessment of market value, not true market value. Taxable value is also an “assessed value” since it is determined by the assessor. See article on Value in the Moving section under “The Sale”.

Avocado
A once popular green color for home appliances which now really dates the appliance as being old. Same era as the color Harvest Gold.

Back to Index

Back Fill
The material used to solidify the foundation of a structure. Material could be dirt or pea gravel, for example.

Back Up Offer
A secondary offer to purchase property that can be negotiated and accepted with language clearly stating that it is a back up offer. If the primary/first offer is voided, then the back up offer automatically becomes the primary offer.

Back to Index

Cape Cod
Also frequently referred to as a 1.5 story house, a cape cod is characterized by one or more dormers with windows.

Back to Index

Drive By Appraisal
An appraisal of the property which involves verifying basic information (ranging from the house simply existing to almost everything an interior visual inspection involves – minus the visit inside)

Back to Index

Harvest Gold
A once popular yellow/gold color for home appliances which now really dates the appliance as being old. Same era as the color Avocado.

Back to Index

Market Value
What an able and willing buyer pays for a property. This amount often differs from appraised value, SEV value, and taxable value. See article on Value in the Moving section under “The Sale”.

Back to Index

“Pop Up” Tax
Property taxes can rise dramatically/“pop up” when ownership changes and the old taxable value is reevaluated. This is especially true when the old taxable value was significantly less than the market value and/or SEV. See article on Value in the Moving section under “The Sale”.

Back to Index

Taxable Value
The value used to calculate your property taxes. This amount differs from SEV value, appraised value, and market value. The longer the property ownership, the more likely the taxable value will be different/lower. Do not assume that the current taxable value is what the future taxable value will be when ownership changes or you are likely to have an unpleasant surprise referred to as the “pop up” tax. See article on Value in the Moving section under “The Sale”.

Back to Index