Chapter 16 - Real Estate Taxes and Assessments Flashcards
Ad valoreum
Bassed of assessed value of property.
Administrative Review
Grievance with Board of Assessment Review - review under the administration.
Appropriation
Authorization of a tax levy.
Approved Assessing Unit
Units that assess at 100% market value receive state aid.
Assessed Value
Value placed on land and buildings by assessor for real estate taxes.
Assessing Unit
Property within the jurisdiction of an assessor.
Assessment
Government’s valuation of property for tax purposes.
Assessment Roll
Public record of assessed values.
Board of Assessment Review
If a property owner disagrees with an assessment, after meeting with their assessor they can filed a grievance with their Board of Assessment Review, which hears complaints and can lower or raise assessments.
Equalization
Attempts to measure relationship of locally assessed values in fluid market.
Equitable Right of Redemption
Right of property holder to pay debt to redeem their property prior to foreclosure sale.
Homestead
Dwellings of four or less units
In Rem
Lawsuits or legal actions director towards property rather than specific person - tax foreclosures (specific, involuntary liens)
Judicial Review
Following administrative review, property holders can challenge an assessment in court by commencing a tax certiorari.
Level of assessment
Percentage at which a property is assigned relative to market value.
Lien
Nonpossessory interest in property giving lien holder right to foreclosure if owner does not pay debt owed
Non-Homestead
Commercial and industrial parcels, vacant land
Reassessment
Assessments made after new construction, additions, improvements, catastrophes (like a fire).
Special Assessment
Taxes/levies against real property for improvements.
Special Assessment Districts
Geographic areas designated to pay for infrastructure costs for specific project - sidewalks, street lamps, curbs, landscaping, etc.
Statutory Right of Redemption
Delinquent taxpayer is free of liability for unpaid taxes after property has been sold.
Tax Levy
Formal action taken to impose a tax.
Tentative Assessment Roll
Completed, certified, and filed by assessor as first step in process - homeowners notified.
True Tax
Amount that would be paid before any exemptions are subtracted.
