Glossary Personal Property Appraisal

Definition of Personal Property:

Personal property is property owned by an individual or business which is not affixed to or associated with the land. Basically, personal property is everything except real property . Personal property for a business would include goodwill; lease hold improvments, equipment, office furniture and equipment, cars/trucks purchased and used by the business, and, basically, everything that isn't "nailed down."

In other words, personal property is movable, while real property is not. Because of the mobile nature of personal property, it is more difficult for a credit to use personal property to secure a loan. For examaple, if a bank loans money on a building, it can be sure that the building will not be moved. But if a bank loans money on the car, the car can be driven away.

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.

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 Black Book ) : Generally considered a truck having a GVW over 33,000 pounds/km; vehicles registered 24M or greater are considered a “heavy truck” for valuation and taxation purposes.

LESSEE : Someone who leases property from someone else.

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

Light Duty Truck (Truck Back Book ) : Generally, a truck with a GVW under 12,000 pounds/km; vehicles on a one-ton or lighter chassis are referred to as light duty trucks.

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.

MTO : The Ministry of Transportation, the registration and Governmet body that administrates motor vehicles in Canada.

Medium Duty Truck (Truck Black Book ) : Generally considered a truck having a GVW between 12,001 and 33,000 pounds/km.

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”

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

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.

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.

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.