Chapter 19: Real Estate Taxation Flashcards
Which of the following is true with respect to real property taxation by the federal government?
There is no federal ad valorem taxes
According to law, states…
May delegate taxing authority to county governments
The role of local tax districts is to…
Impose property taxes for specific municipal services
A special tax district might be created to…
Create a 2-mile extension of county sewer facilities
Ad valorem taxes are based on…
The assessed value of property
The ad valorem tax base of a Manessa pull jurisdiction is equal to…
The total of all assessed values of properties minus exemptions
As part of the assessment process, many taxing entities utilize equalization boards in order to…
Smooth out wide discrepancies of assessed values within the district
A homeowner receives a tax bill that she feels is outrageous. This taxpayer may…
Appeal to adjust the assessed valuation
The purpose of a homestead tax exemption is…
To offer an amount of tax relief on an owner’s principal residence
A millage rate is derived by…
Dividing the tax requirement by the tax base
A homeowner’s total tax bill is derived by…
Multiplying each districts tax rate times the taxable value of the property
A unique characteristic of a special assessment tax is that…
It only applies to properties that will benefit from the public improvement
A tax certificate…
Entitles its holders to apply for a tax deed after a certain period
An equitable right of redemption…
Gives a delinquent tax pair a grace period prior to the tax sale to pay property taxes
