Chapter 3 Flashcards
Taxation
1
Q
according to value
A
Ad Valorem
2
Q
value based on assessment, 100% of market value
A
Assessed Value
3
Q
determination of property value for tax purposes
A
Assessment
4
Q
every 4 years
A
Horizontal Adjustment
5
Q
imposition of a tax executing a lien
A
Levy
6
Q
the value in terms of money agreed upon by a willing buyer and seller, neither being under undue pressure and each being knowledgeable of market conditions at that time
A
Market Value
7
Q
tax rate based on one-tenth of one cent
A
Mill Rate
8
Q
one-thousandth of a dollar
A
Mills
9
Q
set details for property taxation
- octennial appraisal (every 8 years)
- horizontal appraisal (every 4 years)
- tax rates set annually
- assessed value is 100% of market value
A
NC Machinery Act
10
Q
Octennial Re-appraisal
A
every 8 years
11
Q
government improvements
A
Special Assessment
