zero coupon bonds
A single-payment bond that grows to its face value over a prescribed time period at a specific interest rate. All compound interest is tax-deferred until the bond is cashed.
zero lot line
A form of "cluster housing" development in which individual dwelling units are placed on separately "platted" lots. They may be attached to one another, but not necessarily. See "planned unit development," "plat," "row house," "town house."
Locally enacted law that regulates and controls land use, lot sizes, building heights and other property specifics.
A bylaw passed by a municipality prohibiting the use of land in certain areas for any purpose other than as set out in the by-law. In the Planning Act, it is called a Restricted Area bylaw.
The division of a city or country by legislative regulations into areas (zones) specifying the uses allowable for the real property in these areas.
A map of the local jurisdiction that indicates current "zoning" designations.
Act of city or county or other authorities specifying the type of use to which property may be put, in specific areas. See "zone," "zoning," Example: A typical "zoning ordinance" defines: the purpose for which the ordinance is adopted, the various zoning classifications and permitted uses within each, "restrictions" (such as height limitations), the procedure for handling nonconforming uses, the procedure for granting amendments, "variances," and hearing appeals, and penalties for "violation" of the ordinance.
A zoning variance permits a change in the specifications required by the zoning ordinance.