Definitions of Terms used in Adjustment Factors

Common terms used in property valuations and adjustment factors:

Commercial
Use of a property involved in the trading of goods, services, information or money.

Community Services
Specialised property used for the provision of services to the Community by State or Local Government, Community or Religious organisations. These services include police, fire, hospitals, schools, libraries, museums, churches, halls, and some sporting facilities.

Industrial
The predominant use of a property involved in the production and or storage of goods.

Non-Vacant
Property upon which improvements are erected that add value to the land. Improvements can include items such as fencing, water and pasture on Primary Production property.

Other
Property with limited use due to planning, location constraints or activities conducted on the land.

Primary Production
The carrying on of one or more of the following activities in a business-like manner, substantially on the land, with a reasonable expectation of profit:
    (a) Cultivating land to sell the produce of the cultivation
    (b) Maintaining animals or poultry for sale or selling their natural increase or bodily produce
    (c) Keeping bees to sell the honey
    (d) Commercial fishing and cultivating aquatic plants or animals, including the preparation for fishing and the storage and preservation of fish and fishing gear
    (e) Cultivating or propagating for sale plants, seedlings, mushrooms or orchids
Residential
Property able to be occupied by people on a temporary or permanent basis. Examples include houses, flats, units and shacks.

Rural Residential
A specific subclass of residential properties, which are not located within defined township boundaries.

Vacant
Property with no improvements, or improvements of a minor nature that do not add value to the land.


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