Board Of Equalization - Glossary
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Glossary - V
Vacancy and Collection Loss
The deduction of income that is allowed for reductions in potential gross income attributable to vacancies, tenant turnover, and nonpayment of rent or other income. It can be attributed to the physical vacancy as a loss in income, or collection losses caused by concessions or default by tenants.
Year Built
The actual date in time when real property improvements were placed into service, or when construction of the improvements was completed.
Veteran Exemption
A partial exemption of real property tax on a residential domicile for a person person who has been disabled during military training or a military conflict, was disabled in the line of duty in the military service of the United States or the state. This exemption might also be applied to personal property owned by the person seeking the exemption.