Chapter 16 - Real Estate Taxes and Assessments

Question 1

Ad valoreum

Answer 1

Bassed of assessed value of property.

Question 2

Administrative Review

Answer 2

Grievance with Board of Assessment Review - review under the administration.

Question 3

Appropriation

Answer 3

Authorization of a tax levy.

Question 4

Approved Assessing Unit

Answer 4

Units that assess at 100% market value receive state aid.

Question 5

Assessed Value

Answer 5

Value placed on land and buildings by assessor for real estate taxes.

Question 6

Assessing Unit

Answer 6

Property within the jurisdiction of an assessor.

Question 7

Assessment

Answer 7

Government’s valuation of property for tax purposes.

Question 8

Assessment Roll

Answer 8

Public record of assessed values.

Question 9

Board of Assessment Review

Answer 9

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.

Question 10

Equalization

Answer 10

Attempts to measure relationship of locally assessed values in fluid market.

Question 11

Equitable Right of Redemption

Answer 11

Right of property holder to pay debt to redeem their property prior to foreclosure sale.

Question 12

Homestead

Answer 12

Dwellings of four or less units

Question 13

In Rem

Answer 13

Lawsuits or legal actions director towards property rather than specific person - tax foreclosures (specific, involuntary liens)

Question 14

Judicial Review

Answer 14

Following administrative review, property holders can challenge an assessment in court by commencing a tax certiorari.

Question 15

Level of assessment

Answer 15

Percentage at which a property is assigned relative to market value.

Question 16

Lien

Answer 16

Nonpossessory interest in property giving lien holder right to foreclosure if owner does not pay debt owed

Question 17

Non-Homestead

Answer 17

Commercial and industrial parcels, vacant land

Question 18

Reassessment

Answer 18

Assessments made after new construction, additions, improvements, catastrophes (like a fire).

Question 19

Special Assessment

Answer 19

Taxes/levies against real property for improvements.

Question 20

Special Assessment Districts

Answer 20

Geographic areas designated to pay for infrastructure costs for specific project - sidewalks, street lamps, curbs, landscaping, etc.

Question 21

Statutory Right of Redemption

Answer 21

Delinquent taxpayer is free of liability for unpaid taxes after property has been sold.

Question 22

Tax Levy

Answer 22

Formal action taken to impose a tax.

Question 23

Tentative Assessment Roll

Answer 23

Completed, certified, and filed by assessor as first step in process - homeowners notified.

Question 24

True Tax

Answer 24

Amount that would be paid before any exemptions are subtracted.