As used in this article:

1. (1) "Additions" or "improvements" mean an increase in the value of an existing parcel of real property because of:

   1. (a) new construction;
   2. (b) reconstruction;
   3. (c) major additions to the boundaries of the property or a structure on the property;
   4. (d) remodeling; or

   5. (e) renovation and rehabilitation, including installation.

      Additions or improvements do not include minor construction or ongoing maintenance and repair of existing structures. The repair or reconstruction of a structure damaged or destroyed by a disaster, to include, but not limited to, construction defects, defective materials, fire, wind, hail, flood, and acts of God, is not an addition or improvement to the extent that the structure as repaired or reconstructed is similar in size, utility, and function of the structure damaged or destroyed, and the rebuilding or reconstruction is begun within eight years after determination of the damage or destruction. Construction of facilities in a home that make the home handicapped accessible is not an addition or improvement if the utility and function of the structure remains unchanged.

2. (2) "Adjustments" mean changes in fair market value as determined in periodic countywide appraisal and equalization programs conducted pursuant to Section 12-43-217 as allowed pursuant to Section 6, Article X of the Constitution of this State, but adjustments are subject to the limits on increases provided in that Section 6 and as further provided in Section 12-37-3140(B).
3. (3) "Appraisal" or "appraised" means the process provided by law for the property tax assessor to determine the fair market value of real property and additions and improvements to real property.
4. (4) "Assessable transfer of interest" means a transfer of an existing interest in real property that subjects the real property to appraisal. For purposes of this definition, an existing interest in real property includes life estate interests and the beneficial use of the property when the fair market value of that beneficial use is substantially equal to the fair market value of the real property or the fee interest.
5. (5) "Beneficial use" means the right to possession, use, and enjoyment of property, limited only by encumbrances, easements, and restrictions of record.
6. (6) "Commonly controlled" means persons having relationships as described in Section 267(b) of the Internal Revenue Code as defined in Section 12-6-40(A).
7. (7) "Conveyance" means the date the instrument of record of an assessable transfer of interest in real property is recorded by the Clerk of Court or Register of Deeds in the county where the real property is located.
8. (8) "Property tax assessor" means the county assessor, an assessor appointed to handle multiple county assessments pursuant to an intergovernmental agreement, or the Department of Revenue, as applicable.