CH3: NC Real Estate Exam Practice Questions | Property Taxation Flashcards
How often may the North Carolina property tax rate be changed?
A. Every eight years
B. Every four years
C. Every two years
D. Each year
D. Each year
Real property taxation in North Carolina:
A. Requires listing the property by Dec.30th
B. Makes Sept. 1st the due date of the tax
C. Requires penalties for paying after Sept. 1
D. None of the above
B. Makes Sept. 1st the due date of the tax
The tax levy against real property to provide the funds to pay all or part of the cost of an improvement to the property is which of the following:
A. Mechanic’s lien
B. Special assessment
C. General lien
D. Judgement lien
B. Special assessment
According to the Machinery Act in North Carolina, all real property must be reassessed for tax purposes at least:
A. Every year
B. Every two years
C. Every four years
D. Every eight years
D. Every eight years
The tax calculated on every $100 of the:
A. Sales price
B. Appraised value
C. Listing price
D. Assessed value
D. Assessed value
The Jones’s home has an assessed value of $100,000 in a locality where the tax rate is $1.45 per $100. What is their monthly payment for escrow?
A. $83
B. $100
C. $121
D. $1,450
C. $121
A parcel of property (not a corner lot) that measures 95ft wide by 175ft deep is being assessed at $8.50 per front foot for water and sewer lines that are being installed. How much will the assessment be for this particular property?
A. $2,295
B. $1,615
C. $1,487.50
D. $807.50
D. $807.50 (use the width to multiply by cost)
A municipality has a total assesses the value of a property located within its environs of $18,057,000. They have recently adopted an annual budget of $162,513. At what rate per $100 must they tax the local properties in order to meet this budget?
A. $0.90
B. $1.14
C. $9.00
D. $11.43
A. $0.90
Step #1: $18,057,000 divided y $100 = 180,570
Step #2: $162,513 divided by $180,570
Kim’s house is located within the city limits and has a market value of $240k. The local tax office is assessing her property at 75% and there are tax rates per $100 of $.95 for the city and $.35 for the county. What are her annual taxes for this property?
A. $1,710
B. $2,280
C. $2,340
D. $3,120
C. $2,340
Step #1: 75% of 240k is $180,000 assessed value
$.95 plus $.35 is $1.31
180,000 divided by 100 = 1800
1800 times 1.31
George’s property recently sold for $235,000 and has an assessed value of $215,000. If the local tax rate is $1.40 per $100 how much would the annual taxes for this property be?
A. $3,290
B. $3,150
C. $3,010
D. $250.83
C. $3,010
Step #1: $215,000 divided by 100 = $2150
Step #2: multiply $2150 by $1.40 = 3,010
Carol’s property has an annual tax bill of $1,495 and an assessed value of $130,000. What is her tax rate per $100
A. $11.50
B. $1.15
C. $0.87
D. $0.01
B. $1.15
Step #1: $130,000 divided by 100=1300
Step #2: $1,495 divided by 1300 = $1.15
A parcel of land is being taxed at a rate f 25 mills. Assuming that it has a market value of $175,000 and is being assessed at 70%, what would the annual tax liability be?
A. $4,900
B. $4,375
C. $3,062.50
D. $1,225
C. $3,062.50
Step #1: 70% of $175,000 is $122,500
Step #2: 25mills is .025 (in mills move the decimal 3 spaces)
Step #3: $122,500 times .025 = $3,062.50
