6.1 Flashcards
The four government rights that exist with all owned real estate are _____, _______, ______, _______.
Taxes, escheat, police power, and eminent domain
A tax based on the assessed value of real estate is called _______.
Ad Valorem
______ is the right of government to take a property without compensation.
Police power
______ is a government reversionary right when one dies intestate (without a will) and without heirs.
Escheat
_____ is the right of a public utility to acquire property through condemnation and with compensation.
Eminent domain
The amount of property taxes is based on _______.
Assessed value
In Minnesota, to obtain full homestead tax status for the next year, a homeowner must notify the county assessor by ______ of the current year.
December 15
True or False:
Assessing property taxes is one of the rights that the government has regarding real estate.
True
Ad valorem tax is also known as ________ tax or _______ tax.
Property tax or real estate tax
If a lender requires the real estate taxes and insurance to be paid with the monthly payment, those funds will be ______ by the lender.
Escrowed
The _______ value is used to compute an annual real estate tax for a property.
Assessed value
A property tax that is levied on homeowners and landowners to cover the costs of improvements is called a _______.
Special assessment
The acronym for a monthly mortgage payment that includes taxes and insurance is _______.
PITI
Property owners have their property evaluated for tax purposes on a periodic basis by a(n) _______.
Tax assessor
If someone dies without a will and no heirs can be found, the property reverts to the _______.
State
Condemnation is an example of a way ______ power can be applied to real property.
Police
Housing codes is an example of a way _______ power can be applied to real property.
Police
Zoning is an example of a way ______ power can be applied to real property.
Police
A/an _______ assessment is an estimate or contractor’s bid for improvements, but the work has not yet been completed.
Pending
A/an ______ assessment is for an improvement that has been billed, and the work is complete, but it has not yet been paid by the property owner.
Levied
_______ is the right of the government or a public utility to acquire property that is necessary for public use.
Eminent domain
A/an ______ tax credit is a property tax reduction program open to Minnesota homeowner.
Homestead
If you purchase and occupy non-homestead property before December 1st, and apply for homestead treatment before December 15th, then the homestead level of taxation will begin ______.
In the next year
If you did not own and occupy the property by December 1, the taxes payable in the following year will be at the ______ rate.
Non-homestead
A _______ exists when a public entity is transfering ownership to a private individual.
Land-patent
______ is the gift of land for public use.
Dedication
______ transfers property from private ownership to public ownership.
Dedication
