Ch. 6 - Taxation Flashcards
1
Q
What is the acronym No Darn Fooling Around used for?
A
Property tax and months they’re due:
Nov. 1: 1st installment due
Dec. 10: delinquent
Feb. 1: 2nd installment
April 10: delinquent
2
Q
When is the tax year?
A
July 1 - June 30
3
Q
What does Ad Valorem mean?
A
According to value
4
Q
What is the redemption period of an owner who defaults on property taxes?
A
Owner can possess property and redeem property during the next five years. He will receive and record a Certificate of Redemption.
