Chapter 14: Taxes & Assessments Flashcards
A valuation placed upon property by a public officer or a board, as a basis for taxation.
Assessed Value
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.
Assessments
A city, county, town or village with the authority to value real property for purposes of taxation.
Assessing Unit
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
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.
Approved Assessing Unit
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.
Special Assessment Districts
An independent tribunal established to hear assessment appeals.
Assessment Review Board
According to valuation.
Ad Valorem Taxes
An assessment of tax.
Levy
A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.
Lien
Assessor compares property to similar properties that have recently sold
*Typically used to value residential, vacant, and farm properties
Market Approach
Assessor calculates the cost to replace a structure with a similar one using today’s labor and material prices
*Subtract depreciation
add the market value of the land
*Used to value industrial, special purpose and utility properties
Cost Approach
Assessor analyzes how much income a property (such as an apartment building) will produce if rented
- Takes into account:
- Operating expenses
- Insurance
- Maintenance costs
- Financing terms
- Amount expected to be earned
Income Approach
A sum of money or total assets devoted to a special purpose.
Appropriation
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.
Homestead
