Chapter 14. Flashcards
Ad Valorem Taxes
According to valuation.
Appropriation
A sum of money or total assets devoted to a special purpose.
Assessed Value
A valuation placed upon property by a public officer or a board, as a basis for taxation
Assessing Unit
A city, county, town or village with the authority to value real property for purposes of taxation.
Approved Assessing Unit
A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations.
Assessments
A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.
Assessment Review Board
An independent tribunal established to hear assessment appeals.
Homestead
The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by an property owned by others.
Non-homestead
Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client make a reasonable effort to sell the property.
In Rem
A proceeding against the reality directly; as distinguished from a proceeding against a person. (Used in taking land from nonpayment of taxes, etc.)
Levy -
An assessment of tax.
Lien
A legal right or claim upon a specific property which attaches to the property until a debt is satisfied
Special Assessment
An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.
Special Assessment Districts
A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.
- What type of property is generally exempt from paying real estate taxes…?
Schools
What type of value is generally greater than the assessed value…?
Market Value
What is the formula for equalization rate…?
Total Assessed Value of Municipality / Total Market Value of Municipality
What is the formula for determining the market value of a property…?
Assessment / Equalization Rate
The assessed value divided by the equalization rate is equal to what…?
The Market Value
What real world scenario may cause an assessor to provide an approximate assessment…?
The assessor does not have access to the inside of the property
If an assessor is going to change an assessment, generally speaking, what must the assessor do…?
Conduct a total assessment change for the entire assessing district
Assessing a recently sold property based on the new purchase price is known as what…?
Welcome Neighbor Policy
A tax bill is delivered by whom…?
Receiver of Taxes
A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer is known as what…?
Assessment